This resolution was drafted by the former head of the Federal Administration of Public Revenues (AFIP), Mercedes Marco del Pont and his intention was to leave it signed before leaving office. Given that the measure was not previously consulted with the current Minister of Economy, Serge Massathe resolution was under the analysis of the new authorities of the AFIP, which presides Carlos Castagneto, and got the go-ahead. From the beginning, the new economic team was willing to go ahead with the initiative taking into account the large fiscal deficit.
The measure reaches those companies that obtained exceptional income as a result of the rise in international prices of raw materials caused by the war between Russia and Ukraine. A priori, it is estimated that the resolution will cover companies from different sectors, including oil, mining, food, and grain exporters.
Income Tax for companies: those achieved
The resolution of the AFIP It covers companies that meet any of the following parameters:
- The amount of the tax determined from the affidavit corresponding to the fiscal period 2021 or 2022 is equal to or greater than 100 million pesos.
- The amount of the Tax Result that arises from the affidavit mentioned in the previous point, without applying the deduction of tax losses from previous years in accordance with the aforementioned tax law, is equal to or greater than 300 million pesos.
- Those legal entities that have obtained a certificate of exemption from income tax – in force in the periods included in the first and second paragraphs of article 2 -, under the terms of General Resolution No. 2,681, its amendments and supplements, will be excluded. .
- Article 2 of the resolution establishes that the affected subjects must consider the affidavit of the income tax corresponding to the fiscal period 2021, in the event that the closing of the fiscal year had operated between the months of August and December 2021, both inclusive. Taxpayers whose fiscal year-ends would have operated between the months of January and July 2022, both inclusive, must consider the income tax affidavit corresponding to the fiscal period 2022.
The initiative was taken without going through Congress because it is within the framework of the powers delegated to the AFIP by law 11,683 and a new law is not required. In economics they calculate an additional collection of between $200,000 million and $250,000 million.
The history of the tax
This advance is part of the idea promoted by the former Minister of Economy, Martín Guzmán, to tax what he called “unexpected income”, to be presented together with the president Alberto Fernandez at the beginning of last June.
The bill contemplated an additional rate of 15% to the Income Tax for the Business (companies), applicable only once, for those that had achieved extraordinary income as a result of the high prices that grains and energy reached in the international market after Russia’s invasion of Ukraine – two of the main world suppliers of these commodities .
This resolution aims to collect what was expected to be achieved with the Unexpected Income Law project that, for the moment, seems difficult to be approved. The funds could be used, among other things, to pay extra increases for retirees and pensioners.
Resolution 5248 published this Tuesday, August 16 in the Official Gazette has as its background the extraordinary contribution that was made available last year on the great fortunes to face the Covid-19 pandemic.
How will the advance payment of the Income Tax be?
The amount of the payment on account will be determined according to the following procedures:
- Affected subjects, with respect to which the amount determined in accordance with the procedure established in subparagraph a) of article 3 of General Resolution No. 5,211 and its amendment, for the fiscal period immediately prior to that to which the payment shall be allocated to account, is greater than zero pesos: 25% of said amount.
- Remaining subjects reached: 15% on the Tax Result of the fiscal period immediately prior to that to which the payment on account will correspond, without applying the deduction of tax losses from previous years in accordance with the Income Tax Law, text ordered in 2019 and its modifications.
The payment on account will be paid in 3 equal and consecutive installments as of October 22 of this year.
Source: Ambito
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