Argentina: Living There - Tax Issues
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Living There
INDIVIDUAL TAXATION
Resident individuals in Argentina are liable for income tax at progressive rates on their worldwide income.
INCOME TAX
The income tax rates are as follows:
Income Tax, ARS (US$) |
|
| TAXABLE INCOME | TAX RATE |
| Up to 10,000 (US$3,245) | 9% |
| 10,000 - 20,000 (US$6,490) | 14% on band over US$3,245 |
| 20,000 - 30,000 (US$9,735) | 19% on band over US$6,490 |
| 30,000 - 60,000 (US$19,470) | 23% on band over US$9,735 |
| 60,000 - 90,000 (US$29,206) | 27% on band over US$19,470 |
| 90,000 - 120,000 (US$38,941) | 31% on band over US$29,206 |
| Over 120,000 (US$38,941) | 35% on all income over US$38,941 |
| Source: Global Property Guide | |
A resident individual is entitled to deduct personal allowances, family allowances, and expense allowances when computing the taxable income.
Personal Allowances |
|
| - Basic personal allowance | ARS7,500 (US$2,434) |
| - Special allowance for employees | ARS36,000 (US$11,682 |
| - Special allowance for the self-employed | ARS7,500 (US$2,434) |
Family Allowances |
|
| - Spouse (dependent on tax payer) | ARS8,000 (US$2,596) |
| - Each dependent child (less than 24 years old) | ARS4,000 (US$1,298) |
Expense Allowances |
|
| - Gifts to government and other institutions | Up to 5% of taxable income |
| - Funeral expenses | ARS996 (US$323) |
| - Qualifying life insurance premiums | ARS996 (US$323) |
| - Contributions to retirement insurance plans | ARS1,261 (US$409) |
| - Contributions to medical aid for taxpayer and immediate relatives | Up to 5% of net income |
| - Social security contributions | |
| - Health expenses (up to 40% of expenses) | Up to 5% of the net income |
| - Interest on mortgages | ARS20,000 (US$6,490) |
| - Domestic services | ARS7,500 (US$2,434) |
The personal and family allowances are reduced depending on the taxpayer’s taxable income. The reduction rates are as follows:
Allowable Reduction Rate |
|
| NET INCOME, ARS (US$) | REDUCTION |
| Up to 91,000 (US$29,530) | nil |
| 91,000 – 130,000 (US$42,186) | 50% |
| 130,000 – 195,000 (US$63,279) | 70% |
| 195,000 – 221,000 (US$71,716) | 90% |
| Over 221,000 (US$71,716) | 100% |
| Source: Global Property Guide | |
Capital Gains Tax
A resident individual’s capital gains are not subject to income tax.
PROPERTY TAX
Tax on Personal Assets (Impuesto sobre los bienes personales)
Residents are liable to pay this tax on their net wealth, provided their aggregate amount of assets exceeds ARS305,000 (US$98,975). The tax rates are as follows:
Tax on Personal Assets |
|
| TAXABLE ASSETS, ARS (US$) | TAX RATE |
| Up to 305,000 (US$98,975) | nil |
| 305,000 – 750,000 (US$243,380) | 0.5% |
| 750,000 – 2,000,000 (US$649,014) | 0.75% |
| Over 2,000,000 (US$649,014) | 1.25% |
| Source: Global Property Guide | |
Municipal Taxes
Local governments also assess the cadastral value of the real estate and levy a real estate tax. The taxable base for the local taxes will not exceed 80% of the property’s market value. The tax rates 1.20% for rural properties, 1.35% for sub-rural and sub-urban properties, and 1.50% for urban properties.
The municipality also imposes a charge of 0.55% for lighting, sweeping and cleaning services.
Argentina - more data and information
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