This is the possibility of being excluded from the Income Tax and VAT collection regimes. It adds to other recent measures tending to anticipate funds to offset the impact of the drought.
The Ministry of Economy is determined to find resources anywhere to finance this year’s deficit, when private forecasts suggest that resources will drop by half a point of GDP due to the drought. Now The Federal Administration of Public Revenues (AFIP) will try to collect $979,000 million through the suspension of the certificates that allow importers to be exempt from the payment of Income Tax and VAT perceptions.
The measure, which was made known through a general resolution published in the Official Gazette, is complemented by previous ones, such as the collection of a 3% VAT charge for the trade of food and mass consumption products, and the collection of VAT for trading through digital platforms.
Technically, this is not an increase in the tax burdenbecause they are advances on account but importing businessmen consulted by Ámbito warned that this will generate an increase in financial costs that will be transferred to the final prices.
Through General Resolution 5339/2023, The AFIP suspended the special regime until December 31, but the balances in favor will only be able to compute the ninth month after the date of the Customs clearance. “The suspension of said regime implies an approximate increase in tax collection in customs terms of 20% in VAT and 6% in Profits. In terms of income, a figure close to $979,000 million is estimated,” said AFIP.
Sebastián Domínguez, from SDC Asesores Tributarios, indicated that the measure “will affect medium and large companies, as well as the smallest companies that cannot process the MiPyME certificate due to some breaches that they have not been able to correct.” Affected importers must anticipate 6% earnings perceptions even when they have estimated that the affidavit that they are going to present for the current fiscal period will show a favorable balance. In cases where the final importation of goods is destined for the importer’s private use or consumption, the perception will be 11%.
As for the VAT, importers must deposit 20% if the products they import are taxed at 21% and 10% if they are taxed at 10.5%. Domínguez explained, by way of example, that “the VAT perception entered in March 2023 can only be computed in the December 2023 affidavit.”
The collection potential of the measure, according to the AFIP, is equivalent to 25% of the deficit foreseen in the 2023 Budget ($3.74 trillion), to which could be added another trillion pesos of income as a consequence of the operation to exchange bonds in dollars in the hands of State agencies. The distributions have to sell their bonds and allocate 70% to buy Treasury bills. It is clear that these measures seek to counteract the effect of the drop in foreign trade due to the drought and the decline in activity. Imports registered a drop in the first two months of 4.3% and exports of 15.4%.
This year a primary deficit of 1.9% of GDP has been agreed with the IMF, but given the situation it becomes very difficult to comply with it.
Source: Ambito
