With the payment of Earnings in installments, the Government sets up an 'extra' salary schedule until the elections

Annabella quiroga

05/25/2021 11:17 AM

• Clarín.com

• Economy

Updated 05/25/2021 11:17 AM

Almost two months have passed since the approval of the law that modifies the Income Tax, on April 8, until its regulations were published on May 25 and the AFIP still needs to finish

typing the fine print

so that it can be Apply.

Meanwhile, the 1.2 million people who today pay the tax were waiting for the bureaucratic procedures of the Executive to be able to receive the

refund of the tax

that the State withheld from them since January (the month from which the changes apply) and, in addition, stop paying.

They are workers who earn more than $ 150,000 gross and retirees with salaries equivalent to 8 minimum pensions.

First, the repayment was going to be in May (with the salary of April), then in June and finally, it

will be in July and in 5 installments,

which will be disbursed in November, the same month in which the legislative elections would finally be held (the STEP would be on September 12 and the vote on November 14).

Last week the Government reported that the refund would be made in five installments.

The announcement was included in the

aid package

that the Government designed for this second wave, which includes the reinforcement of REPRO II and the expansion of the Alimentar Card, among other measures.

As detailed, this entire package will demand $ 480,000 million.

Now with this scheme, wage earners will receive the bonus with their June salary and from July the five reimbursement installments, which will increase their out-of-pocket salary and, according to official calculations, will give

an extra boost to consumption.

When the project promoted by the president of the Chamber of Deputies, Sergio Massa, was announced, the benefit was expected to come in

with April salaries.

What happened in between?

One of the reasons that delayed the implementation of the new law was the fiscal cost.

To

take care of the pesos

in a scenario that is complicated by the pandemic and the expenses that the second wave is generating and the greater restrictions ($ 15,000 bonus to AUH in the AMBA, increase in the Alimentar card, expansion of Repro II), the Minister

Martín Guzmán sought not to be unguarded

in the face of the inevitable drop that will occur in the collection.

Meanwhile, Deputies approved

changes in Earnings for companies

(which will compensate for the drop in income) and on the other, the Treasury was refinancing debt in pesos (although sometimes not in the volume sought).

The new non-taxable minimum in Earnings will

make the treasury stop receiving revenues this year of $ 45,000 million.

"The purchasing power that the pesos had from January to May is not the same as what is going to be returned from July.

It is like an ice cream that melts in your hand,

" said tax attorney Cesar Litvin in TN.

.

On the other hand, the positive fiscal impact of the new rates for companies

will be $ 320,000 million

, according to a report from the Congressional Budget Office.

Thus, on the one hand, Guzmán managed to push forward the application of the changes and, in addition, the workers will have

a string of "extra" income

(starting in June with the half bonus) that will last until the month of the elections.

Push consumption

The Government is betting

that these "bonuses" are turned over to consumption,

which would bring more money to the treasury and ease the pockets of the middle class, more elusive to the Frente de Todos.

The official fear is that the profit refund will turn to the blue dollar, which would generate greater demand and could lead to

a new jump in the exchange rate gap.

So far

the blue dollar has been pressed.

He closed last week at $ 153, the

lowest quote for those who want to

get tickets.

NE

AQ

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