Faced with it, In the 2023 Budget, a couple of amendments were introduced to broaden the range of destinations that the externalized money could have. One of them is to allow the purchase of used homes for family use or for rent. The other is so that SMEs can import supplies.
The Federal Administration of Public Revenues (AFIP) regulated the first of the options. As explained by Sebastián Domínguez, from SDC Asesores Tributarios, Whether for private use or for rent, the amount of the property must not exceed two and a half times the non-taxable minimum of the Personal Property Tax.
“Since the non-taxable minimum for 2022 is $56,410,705.41, for 2023 acquisitions, the value of the real estate shall not exceed $112,821,410.82. At the official exchange rate, they are used properties of approximately $625,000, which is why a large part of those that are commercialized in the market are eligible,” said Domínguez. if it is taken the value of the blue would be about u$s305,000.
In accordance with AFIP regulations, published in the Official Gazette, taxpayers who externalize capital They will have time until December 31, 2024 to finalize the purchase of the home.
Dominguez pointed out that The new laundering project that the Economy Department sent to Congress for extraordinary “has, virtually, frozen the possibility of externalizing funds in the laundering of the construction industry”.
“This virtual freezing is because the preliminary project that has been disclosed has a much lower cost and without requirements for the subsequent destination of the externalized funds. We will have to wait and see if the Government achieves a quorum to deal with it and if it is approved,” said the tax adviser.
The Professional Real Estate Association of the City of Buenos Aires (CUCICBA) affirmed that the AFIP regulation “is extremely positive news for the market.” “We trust that those who have funds to launder understand that it is an excellent initiative, with very good parameters to abide by,” the entity said.
CUCICBA stated that “it cannot be stated which type will have the best performance, but it can be said that according to our calculations, this proposal could generate around 30,000 operations throughout the country.” The increase in operations would be concentrated in the City of Buenos Aires “providing improvement in the housing situation for many families and work for real estate professionals,” said the professional association.
For his part, Damián Tabakman, president of the Business Chamber of Urban Developers (CEDU), considered that enabling the purchase of used homes affects the application to new constructions, which was the original reason for this laundering. However, he indicated that “The tax information exchange agreement with the United States is in force and in this context the only option for tax disclosure in force today for those who need to regularize their situation is money laundering to invest in construction projects or used real estate.”
“As options, there are developers from all over the country who have gated communities and buildings under construction that are suitable for purchase through this laundering. Investing in real estate has always been a form of long-term savings for the middle class,” Tabakman said.
Source: Ambito
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