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| Home » Income Tax System in Other Countries » Argentina |
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Income Tax in Argentina |
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Income Tax is one of the major source of revenue in any country. Each country has different policies and regulations for income tax. Income tax is imposed on personal income, private companies and trusts. Income tax in Argentina is collected by the Federal government. For personal income, business income and property gains the Argentina use different taxation system. For personal income the country has progressive taxation system, for capital gains they have property tax and for business income they have flat rate tax system. Income tax in Argentina is collected based on these systems.
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Tax on personal income is collected as a deferred tax. Income tax in Argentina is imposed on a scale from 9% to 21%. Income tax system in Argentina is administered by the Administración Federal de Ingresos Públicos (AFIP). The tax on personal income depends on the earning. The higher is the personal income more is the tax. Sales tax in Argentina is 21%. Newspapers, cable television and health insurance are taxed at 10.5%. Income tax on capital gains depends on the type of property an also depends on the amount of income earned through selling the property.
Indirect Taxes:
Rental income tax in Argentina is imposed at 35% for the residents of the country and for non-residents it is 21% depending on annual rent. The economy of Argentina has made a tremendous improvement in the past two decades. The tax on personal income generate less revenue compared to the tax imposed on corporate companies. The tax percentage vary from year to year.
Tax system has become a backbone fro every country. In Argentina also the tax gained by the public is used for the development of the country. A country's economic standard can be judged on the basis of revenue generated from the Income tax. In the coming years one can surely expect a great boom in the Argentina's economy.
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