The Federal Public Revenue Administration (AFIP) has extended the deadline for reporting income tax deductions for the 30 period until April 2018.
In the event that employees report new deductions, employers must resubmit the tax return (F 1357) by May 17 inclusive.
Deductions must be made by those who receive income from holding public office at the national, provincial, municipal and Buenos Aires City levels, employees in an employment relationship, retirees and pensioners who have subsidies, any type of retirement benefits or private insurance income, and members of work cooperatives, among others.
The amounts to be deducted must be reported through the agency's website, using the Siradig-Worker service.
What can be deducted from Earnings?
Deductions related to family expenses may be reported, with amounts set at $62.385 for a spouse or $31.461 for a son/daughter or stepchild under 18 years of age or incapacitated for work.
Medical care expenses, linked to the amounts paid as a fee or extra payment for prepaid medicine will be other items subject to deduction. The amount to be deducted may not exceed 5% of the net profit for the accumulated financial year.
About mortgage loans Interest may be deducted up to $20.000 annually, while the limit for funeral expenses is $996,23, only when they occur in the country and are due to the death of the employee or one of the persons reported as dependents.
About renting a home Up to 40% may be deducted, provided that this amount does not exceed the non-taxable minimum of $66.917 and that the taxpayer does not own any other property in his or her name, either partially or totally.
Those who have domestic staff in their charge, they can deduct the remuneration and employer contributions paid and included in the monthly fixed contribution, as long as the annual deductible amount does not exceed the previously mentioned annual non-taxable profit.
Donations
Donations made to the national treasury, provinces and municipalities, religious institutions, associations, foundations and civil entities recognized by the AFIP as exempt from tax may be deducted.
This deduction may be made up to a limit of 5% of the accumulated net profit for the year.
Taxpayers can see more information by accessing:
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