The Senate has already advanced with an opinion from the Infrastructure, Housing and Transportation, and Budget and Treasury commissions and the law already has half a sanction from Deputies. The project, which was initiated by Serge Massaprovides tax incentives for those who declare assets and that includes part of the program “bridge to employment” referred to the conversion of social plans into genuine work.
regimen “Incentive for Argentine Federal Construction and Access to Housing” It was already in force between March and July 2021. The Government included its extension in the official budget of 2022, which did not obtain the approval of Congress and for this reason it was inactive.
According to the Argentine Chamber of Construction (Camarco), in the first stage of the previous money laundering, 7,000 accounts for almost US$200 million, while only 10% of the total collected in the next two stages entered. The final balance was far from the US$5 billion estimated at the time. Now there is talk of the possibility of entering a similar amount: between US$4,000 and US$4,500 million. To achieve this, incentives were improved.
The new project establishes a “special tax” on the value of the holding that is declared, expressed in national currency at the time of entry into the special account.
Based on the planned scheme, for goods entered from the date of entry into force of this law and until the term of 90 calendar days has elapsed, the rate that must be taxed will be 5%.
Meanwhile, those deposited from the day after the first term expires and until another 90 days have elapsed, the rate will be 10%; and those declared from the day after the expiration of the second term and until 180 calendar days have elapsed, will pay an aliquot of 20%.
The law exempts people from paying tax on Personal property on the value of investments in projects and you can even compute the 1% of the investment value in projects as payment on account of this tax.
Those who wish to voluntarily declare the funds they have hidden in the country or abroad must deposit them in a Special Deposit and Cancellation Account for Argentine Construction (CECON.Ar). Those funds must be used solely to develop and invest in real estate projects in the country.
According to the text, the investment must go to “new private works”, but it is considered that all those that at the time of entry into force of the law have an advance of less than 50% of the completion of the construction fall within that category. construction site.
The initiative seeks to generate more housing construction, although it did not set special requirements on the characteristics that real estate projects must have. In addition, it aims to convert social plans into genuine employment.
Source: Ambito
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