The Federal Public Revenue Administration (AFIP) reminds that March 31 is the deadline to report income tax deductions for the 2018 period.
This filing must be made by those who receive income from holding public office at the national, provincial, municipal and Buenos Aires City levels, employees in a dependent 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.
Other items subject to deduction are medical expenses, linked to the amounts paid as a fee or extra payment for prepaid medicine. The amount to be deducted may not exceed 5% of the net profit for the accumulated financial year.
Interest on mortgage loans 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.
On the other hand, up to 40% of the rent of the home may be deducted, provided that this amount does not exceed the non-taxable minimum of $66.917 and that the taxpayer does not own another property in his/her name, either partially or totally.
In addition, those who have domestic staff under their charge 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 annual non-taxable profit mentioned above.
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 also 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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