Argentine Economy Minister Sergio Massa stated that the government will increase the minimum income-tax exemption beginning in November while preparing the nation for an increase in the level of inflation.
In a radio interview, Masa stated that the monthly salary “would exceed 330 thousand peso (2176 dollars)” and that it will go into effect on November 1st.
He continued by saying that this action will lessen the pressure on employees.
The annual inflation rate in Argentina was 83% in September, and it is expected to rise to 100% by the end of the year, which increases pressure on families and currency and fuel social discontent in the main country producing grains.
In order to combat high inflation, the Argentine Central Bank has decided to raise the main interest rate by 550 basis points to 75%.
According to the minister, the government is discussing a new strategy to keep the price of staple foods under control, with the goal of assisting Argentina’s most vulnerable citizens by the end of the year.
Workers in Argentina are exempt from income tax, despite predictions of up to 100% inflation.
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