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Bases Law and fiscal package: What happened to rents, mortgage loans, Profits and Personal Assets? - La Nacion Propiedades
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Ley Bases y paquete fiscal: ¿qué pasó con alquileres, créditos hipotecarios, Ganancias y Bienes Personales?
Luego de que el Senado tratara la Ley Bases y el paquete fiscal, se aprobaron y rechazaron algunas medidas que involucran a alquileres, créditos hipotecarios, impuestos y bienes personales
www.lanacion.com.ar
June 17, 2024
After the Senate discussed the Bases Law and the fiscal package, some measures involving rent, mortgage loans, taxes and personal property were approved and rejected.
By Maria Josefina Lanzi
Rentals, mortgage loans and personal assets: what was defined in the Senate about the Bases Law and the fiscal package
During Wednesday, the Bases Law and the fiscal package were discussed in the Senate and some measures that will lead to more people paying for Personal Property were rejected , in addition to eliminating the possible update of the amount of interest deduction for mortgage loans , which would alleviate to those who requested a loan and pay income tax . In any case, a change was approved regarding the monotax that represents advantages for those who offer rental homes.
The changes from the Bases Law and the fiscal package
1) In the rental market
Among the changes discussed in the tax package, there is a possible benefit for monotributistas who are owners and offer their property for rent . Given that in the fiscal package the maximum billing for the monotax rose to $68 million (annual), those who were previously excluded from the monotax (since the rental billing caused them to exceed the limit) will be able to remain in the monotax regime and have a lower cost in the general regime.
Income tax, rent, mortgage loans and personal property: these are some of the changes that were approved and rejected yesterday
If the owner is a monotributista , the rental is exempt from VAT, regardless of the destination given by the tenant. In the event that the owner is registered responsible, the rental is exempt from VAT if the property is used as the home of the tenant and his family (that is, the tenant uses the property to live with his family), but he must pay the VAT if it does not fit into that situation.
2) In mortgage loans and income tax
Within the fiscal package to be discussed there was a measure related to taxes that, for some specialists, could imply a certain relief for those taking mortgage loans and would encourage more people to apply for them: the amount of the interest deduction would be updated for income tax mortgage credits.In other words, just as concepts such as rent , health insurance, donations are deducted from Profits - if this measure of the fiscal package was approved, which was discussed yesterday together with the Bases Law - the interest paid on the credits could also be deducted. mortgages (that would have been granted for the purchase or construction of properties intended for the taxpayer's home) for a maximum amount that to date was $20,000 and in this project would have amounted to $3,091,035 (an amount equivalent to the deduction for Income Non-Taxable, one of the personal deductions allowed in income tax ).
Since this measure was introduced in the Senators and was rejected, it can no longer be incorporated in the Deputies.
Among the changes discussed in the tax package, there is a possible benefit for monotributistas who are owners and offer their property for rent
3) In personal property
Among some of the rejected measures is the Personal Assets proposal . The Senate did not advance with the update of the non-taxable minimum of Personal Property (the floor from which this tax is paid) which raised the general Personal Property tax from $27,377,408.28 to $100 million and updated the floor of that tax relating to properties intended for residential purposes from $136,887,041.42 to $350 million.
Furthermore, the rates that apply once the non-taxable minimum is exceeded (the tax table with the different scales) are currently up to 1.75% for goods in the country and up to 2.25% for goods abroad: The project eliminated discrimination between goods in the country and goods abroad, and modified the sections of the scales, reducing them.
The rejected project also raised the possibility of making an advance payment of the personal property tax (for assets that were already declared), in which a unified payment could be made that would settle the tax for five years (the periods 2023, 2024, 2025, 2026 and 2027) which was 2.25%. In the case of laundered assets, another advance payment scheme was proposed that was four years, in short, it was 2%. This was called the Special Personal Property Tax Income Regime and was considered optional.
Within the fiscal package, there was a measure that would update the amount of the interest deduction for mortgage loans from income tax, which was rejected
In any case, as mentioned before, the Senate did not move forward with these measures. From now on, given that it was not rejected with 2/3 of the votes, Deputies (with a simple majority of half plus one) can insist on their original project. In this way, he could incorporate again what he had sanctioned for Personal Assets.
“The non-taxable minimums and the sections of the tax scales were outdated due to the effect of the inflation that has occurred ,” says tax expert Sebastián Domínguez, and adds: “This will lead to more people paying taxes on Personal Property, perhaps having (in constant value) the same updated amount of goods.”
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