Argentina

Changes to income tax

In September 2023, Decree N° 473 was published in which the previous government introduced modifications for salaries related to October, November, and December 2023. In this sense, no income tax withholding will apply when the gross salary of the month being settled (as of 1 October 2023) or the average of the monthly gross salaries from October 2023 to December 2023 does not exceed the sum of 1,980,000 Argentine pesos (ARS) per month (equivalent to 15 times the minimum, vital, and mobile salary [SMVM] in force as of October 2023).

For fiscal year (FY) 2024, the government established by Law a new ’cedular regime‘ that will be applied on the ’highest incomes‘, understood as those that exceed the equivalent of 180 times the SMVM as a non-taxable minimum. Under this scenario, employees, retirees, and pensioners (not applicable to directors) must pay taxes only when their gross monthly salary is greater than 15 times the SMVM at the time of tax determination. This new regime will apply from FY 2024. In addition, a progressive scale is incorporated, whose rates will be established between 27% and 35%, and the value of the SMVM will be updated twice a year, in January and July.

Modifications in tax on personal assets (wealth tax)

As of FY 2023, the exempt minimum will rise from ARS 11.2 million to ARS 27.3 million (*). Also, the non-taxable minimum for dwelling house was increased from ARS 56 million to ARS 136.9 million (*). 

(*) Tax rates and exempt minimum will be adjusted annually, considering the annual variation of the Consumer Price Index.

See the Other taxes section for rates.