In this sense, article 1 of the aforementioned standard establishes the replacement of article 2 of Decree 556/2022 and announces that it expand the use of capital. “The funds that are declared must affect the development or investment, in real estate projects in the Argentine Republic or the acquisition of a used property”, clarifies the decree of the Argentine Federal Construction Incentive Law and access to housing.
The novelty in Whitening for Construction
In the case of used property, the decree details that they are all those that “had been inhabited or affected by lease, use, usufruct, habitation, antichresis, surface or other real rights”.
In addition, the decree clarifies that the property “affected to a rental with exclusive destination to house-room, the tenant must not be the owner of any property, whatever the proportion. This had been anticipated in the treatment of the project.
Given that money laundering will not only allow the purchase of used homes, but also their investment in real estate development, it was remarked that the Federal Administration of Public Revenues (AFIP) will be responsible for issuing the complementary rules to the form of accreditation of the acquisition of the used property and verification of compliance with the requirements and destinations.
The AFIP regulations in this regard
In that sense, AFIP had prepared and published the regulations aimed at regulating the purchase and sale of real estate that have been acquired with laundered funds.
people who have unreported money may apply in this law that begins with an aliquot of 5% on the declared total in the first 90 days of the entry into force of the project. Those who reported the funds between 90 and 180 days from the entry into force, paid a rate of 10%. Those who did it from 180 days until the expiration of the term, towards the end of 2023, will pay a 20% rate. This tax cannot be paid with money laundered in the operation, so it is necessary have these amounts available to face the payment of the tax.
Based on the text of the law, it is established that the purchase of real estate used for two types of purposes. On the one hand, “exclusive destination” for the use of own housing of the one who laundered, or on the other hand, to the case in which it is intended for traditional rental for family housing for a term that may not be less than 10 years.
How it is applied to the import quota and what is the tax burden
Also, it is established that the Secretary of Commerce will except these turns in the Import System of the Argentine Republic (SIRA) for the calculation of the Financial Economic Capacity (CEF).
In addition to the period of almost one year for laundering, the measure sets a excise tax whose rate will be 5% of the declaredif it is done within the first 90 days of creating the regime; 10%if it is done in the following 90 days and from twenty%, if it is done in the last 180 days.
Like the measure aimed at properties, this regulation was also praised from the business sector: the president of the General Business Confederation (Cgera), Marcelo Fernández, said when it was included in the Budget that the entity “had placed a lot of emphasis on the need to collaborate with the shortage of foreign currency and be able to launder those dollars that are in the hands of companies and businessmen”.
Source: Ambito
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