The text of the renegotiation reached by the Argentine government on the debt contracted by Mauricio Macri states that “in close coordination with provincial governments, at the end of September we will complete the process of updating real estate revaluations at the federal level (structural reference) so that come into force as of fiscal year 2022”.
As highlighted in the memorandum, the net income from co-participation of this initiative “could reach 0.1% of GDP for fiscal year 2022 and an additional 0.2% of GDP during the next few years.”
Before the consultation of the legislators present, Marcó del Pont explained that in principle the AFIP, to calculate Personal Assets, will once again use a formula that was in force until 2018 and that was developed in the City of Buenos Aires.
“In 2012, the City modified the real estate tax benchmark by creating a benchmark that was equal to the tax valuation multiplied by four. In 2013, AFIP took that reference and applied it for the real estate valuation of the tax on Personal Assets. That was the case until 2018, when AFIP decided to go back on that decision and divide it by four, “he recalled.
In that sense, He remarked that based on a political decision “we have decided to retrace that modification” and return to the formula that has been in force in the City until now. However, for the moment, your application will only apply to real estate in the Buenos Aires district.
“In the next few days we will be drawing an interpretation that, for City real estate, returns the real estate valuation to the valuation associated with the real estate tax. In other words, we are going to use the same valuation that the City uses”, remarked Marcó del Pont.
The economist explained that this measure at the moment cannot be replicated in other districts “because those indicators do not exist” for which she stated that “the most virtuous way to advance is progressively.” In addition, the revaluation will depend on each province, so the implementation of a new formula should be discussed within the scope of the Fiscal Consensus, she pointed out.
Regarding the impact on collection, he said that “it is calculated around 0.6% of GDP.” “The objective of improving the fiscal result is achieved with the strengthening of collection and not with adjustment as was done with other agreements with the IMF”, he crowned.
Source: Ambito
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