Approval of the “Foundations and Starting Points for the Freedom of Argentines Act” and the “Fiscal Package”
Public law and Tax law departments report | Approval of the “Foundations and Starting Points for the Freedom of Argentines Act” and the “Fiscal Package”
In the early hours of today, the Federal Chamber of Deputies approved and enacted into law the “Foundations and Starting Points for the Freedom of Argentines Act” (“the Foundations Act”) and the “Law on Palliative and Relevant Fiscal Measures” (“the Fiscal Package”).
The Foundations Act was approved with the modifications that had been made by the Federal Chambers of Senators in the session of June 13, 2024. You will find a summary in our Newsletter published on that occasion.
On the other hand, although the Fiscal Package was also approved with the modifications introduced by the Federal Chambers of Senators (see the Newsletter published on that occasion), the chapters of the project that had been originally approved by the Federal Chamber of Deputies were maintained –that is, without the deletions and modifications introduced by the Senate– with respect to (a) Income Tax, establishing a non-taxable minimum of ARS 1,800,000 gross for singles and ARS 2,200,000 for married couples with two children, and an initial rate of 5% on net income, which increased up to 35% in relation to the taxpayer’s income level, and (b) Personal Property Tax, providing for an increase in the non-taxable minimum from ARS 27,000,000 to ARS 100,000,000 and establishing a progressive rate regime ranging from 0.5% to 1.5%, decreasing in the upcoming fiscal periods, and setting up an optional advance payment regime for the tax (REIBP).
Juan Antonio Stupenengo
Santiago L. Montezanti
Enrique López Rivarola