The Government promulgated Law 27,725 sanctioned by Congress on September 28 and which modifies the Income Tax, raising the Non-Taxable Minimum floor to almost two million pesos, which is equivalent to fifteen minimum wages, vital and mobile ( SMVM) and that will govern from 2024, through decree 508/2023 published this Friday in the Official Gazette. The new legislation creates the "schedular tax on the highest income from work in a dependency relationship, retirements and privilege pensions and others." In this way, those who obtain the highest income will have the right to deduct only, as a non-taxable minimum, the amount equivalent to 180 minimum wages. In the case of assets greater than 15 SMVM, the rates will range from 27% to 35%. From 12 monthly SMVN, 27% must be paid on the surplus. Between more than 12 and 36 minimum wages, the equivalent of 3.2 SMVM plus 29% on the surplus will be paid. Between more than 36 and 60 minimum wages, 10.20 SMVM plus 31% on the surplus will be paid. Between more than 60 and 84 minimum wages, 17.64 SMVM plus 33% on the surplus will be paid. For more than 84 minimum wages, 25.56 SMVM plus 35% on the surplus will be paid. At the beginning of the fiscal period, the value of the minimum wage in force on January 1 must be considered and the update will be on July 1 of each fiscal year. In addition, the withholdings made on the highest net income received during the first half of the fiscal year will be adjusted considering the value of the SMVM in force in July.