The Government presented the new omnibus law, which will be sent to the governors and Congress for your approval. Within it, changes are established in taxes on personal property. Besides, launched the fiscal package, with changes in the Income Tax and Monotax.
In Title III of the project it refers to the tax on personal property where it establishes the creation of a special income regime in which the taxpayer is proposed to advance the payment of this tax in exchange for the state’s commitment to guarantee the stability of property tax rates at the national level.
The new regime will be named after Special Personal Property Tax Income Regime (“REIBP”) and is for all fiscal periods until its expiration date, which operates on December 31, 2027.
The adherence to the regime will imply that those taxpayers will be “released from all civil action and by tax, exchange, customs and administrative offenses that could correspond to the non-compliance with the obligations linked to or that had origin in the assets, credits and holdings that are declared”.
It is optional and they will have the option of joining human persons, undivided successions, as the substitute responsible persons, those who are residents and also those who are not residents on the date of accession, as long as they have been tax residents in the country before December 31, 2023.
The changes also include an award for compliant taxpayers from 2020 to datewith a reduction in the Personal Property rate for fiscal periods 2024, 2025 and 2026.
Personal property: what are the changes to the omnibus law like?
With the creation of the REIBP there will be time for its accession until May 31, 2024. There they will pay the tax on Personal Assets in a unified manner and in advance of the fiscal periods of the 2023, 2024, 2025, 2026 and 2027.
For its calculation, the assets existing in the taxpayer’s assets as of December 31, 2023 will be taken into account with rates ranging from 0.5% to 0.75%.
The total tax cancellation to pay must be made until July 31, 2024, inclusive. The national Executive will have the option to extend this date until August 30, 2024.
Article 25 details: “The tax to be paid by the indicated taxpayers will be the one that results from applying, on the total value of the assets located in the country and abroad subject to the tax that exceeds that established in article 24, the following scale”.
Source: Ambito
