Sunday, October 2

They estimate the fiscal cost of changes in Personal Assets at $ 31,500 million

In the final version of the initiative, it is established that the non-taxable minimum will be raised to $ 6 million for encumbered assets (it does not include shares or equity interests) and to $ 30 million in the case of real estate used as own home. According to the OPC, the decrease in resources would be $ 31,564 million, of which $ 24,462 million correspond to 2022 and $ 7,102 million to 2023.

One element to take into account is that 93.73% of the total that enters through Personal Assets participates. 1.9% enter an AFIP autarky fund; $ 3 million goes to INCUCAI and another part is distributed among the retirement funds of the provinces that were not transferred to the Nation.

The Argentine Institute of Fiscal Analysis (IARAF) states in a report on the fall in resources, that 58.9% will be borne by all the provinces. The Nation loses $ 12,979 million, about $ 10,057 million in 2022 and $ 2,921 in 2023. The provinces, for their part, stop receiving $ 18,585 million, a total of $ 14,405 million next year and $ 4,181 the following year.

“Buenos Aires, Córdoba and Santa Fe are the most affected provinces since they concentrate 24.3%, 9.5% and 9.3% of the losses respectively”, warns the IARAF study. The private report also proposes an analysis of costs per inhabitant. In the case of low-income, low-density provinces such as Catamarca, Formosa, La Rioja, Salta, San Juan, and Santiago del Estero, the drop is $ 793 per year per person. Those with high income and low density, which are the Patagonian ones plus La Pampa and San Luis, the fall would be $ 706. Those with low income and high density, such as Corrientes, Chaco, Entre Ríos, Jujuy, Misiones and Tucumán, $ 585 per person and those with high income and high density such as Buenos Aires, Mendoza, Córdoba and Santa Fe, the low is $ 382 per year Per inhabitant.

The bill that was finally approved in Congress includes a new scale of the 1.5% tax for goods in the country. 1.5% must be paid, that is, 0.25% more than what was paid up to now for goods that exceed $ 100 million and with this it is expected to offset part of the cost generated by the improvement of the non-taxable minimum.

Hernán Letcher, director of the Center for Argentine Political Economy (CEPA), highlighted that the ruling party in Congress managed to approve its own project, which includes the increased rate of 2.25% for taxpayers with assets abroad. It is a delegated power that ends on December 31. Its renovation had been included in the budget proposal, which was ultimately rejected. “The government’s intention was to concentrate the collection at the top of the pyramid,” he explained.

“By raising the non-taxable minimum, you benefit 500,000 people, but with the non-extension of the increased rate, 16,000 people with very high purchasing power benefit. It is contradictory in a country that has 40% poverty “ Letcher explained. And he estimated that in this way the Government managed to save about $ 80,000 million annually that would otherwise have been lost. Sebastián Domínguez, partner at SDC Asesores Tributarios, highlighted that if the Senate does not approve the amendment before December 31, these will not take effect for the 2021 fiscal period, and therefore, they would take effect from the 2022 period.