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More than 500,000 Argentine workers will benefit from a tax exemption announced by the Ministry of Economy, seeking to replace the economic blow caused by the 108% annual inflation that the South American country is facing.
The Ministry of Economy of Argentina announced an exemption from the payment of the so-called Income Tax on the complementary annual salary, popularly known as the Christmas bonus, to curb the high inflation that only in 2023 increased by 32% and 108.8% year-on-year.
According to the economic portfolio, it is “an extraordinary one-time benefit”, which reaches 50% of the workers who today pay Income Tax, “with the aim of rebuilding purchasing power and projecting that this improvement in pocket wage translates into increased consumption and economic activity.
This tax, which is paid every June 30 of each year, will allow workers to increase the earnings exemption on the first installment of the Christmas bonus, equivalent to half of the best salary paid in the first semester, if the monthly salary of the worker does not exceeds $3,614 at the official exchange rate.
The Government of Alberto Fernández seeks to bring relief to wage earners in a context of high inflation, while wages lose great purchasing power because the resounding rise in prices has not yet reached.
The measure would improve salaries by $445 at the official exchange rate and an increase over the average monthly pocket salary of 26%, according to official sources.
In Argentina, the average gross salary in the private sector is 247,843 pesos, about 981 dollars at the official exchange rate, according to data from the Ministry of Labor as of last February.
with EFE
