Cristina announced the increase of 20% tax allowance

January 28, 2013
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President Cristina Fernandez de Kirchner announced this afternoon at Government House the rise in the tax allowance on profits, which will impact the fourth category.

Through a national network, the President said, “It will be 20 per cent and mean a significant fiscal sacrifice of 8 billion pesos to be left to tax.”

The head of state noted that a single worker will begin to pay taxes from 8360 pesos salary, while one married with two children from the 11,563 pesos monthly.

Cristina called “commitment” to “entrepreneurs” to “improve competitiveness and not engage in a fight over the distribution of income between employers and trade unionists” and stressed the “need” to achieve the “commitment of business to improve competitiveness and not engage in a fight over the distribution of income between business and labour.”

“I do not want there to be more profitable if there is more competition and have to work all entrepreneurs, helping the state,” he said.

This means that 82.52% of workers will be exempt and taxed only just over 17%.