The restored Income Tax would only expire in September

The restored Income Tax would only expire in September

The Federal Administration of Public Revenue (AFIP) informed accounting firms and companies in general that as soon as Congress finishes approve the so-called fiscal package will make available to professionals the corresponding applications so that they can settle the 2024 Income Tax.

This is an advertisement that seeks give certainty to professionals in the accounting and tax areas of companies about the time they will have left from now on to make this year’s paymentsafter the restitution of the tax for the so-called fourth category

“The AFIP has communicated, through its website, that Once the fiscal package is sanctioned, the applications for the annual settlement of Income Tax and Personal Property Tax will be available to professionals and business chambers. immediately,” said the CEO of SDC Tax Advisors, Sebastián Domínguez.

The statement indicates that once the systems testing period is completed, the computer applications necessary for the annual presentation of sworn returns will be made available to taxpayers and responsible parties.

The AFIP indicated that it will grant “a reasonable period of time for the forms to be prepared, “presentations are made and finally the payment of the corresponding balances.”

The official text says that “in the coming days and by virtue of the evolution of the legislative process, The regulatory standard that modifies the maturities originally scheduled for the month of June will be issued.

Domínguez explained that in the event that next week the fiscal package is approved with changes by the Senate and the following week it is approved by Deputies, “The applications would be made available in mid-June for two weeks.”

“Consequently, the applications would be available at the end of June andMaturities should be set at the end of August 2024, both the presentation and the payment,” he estimated. In that sense, he stressed that “the delay in processing the fiscal package could postpone the maturities to September 2024, a totally extraordinary situation.”

The tributary raised a question about “what will happen to the 2025 advances that begin to mature in mid-August 2024.” The payments of the 2024 balances will be combined with the advances for 2025.

“We understand thato reasonable would be for the three 2025 advances that expire in August, October and December 2024 to be prorated on a monthly basis and the maturities are set in all months from September to December 2024,” he suggested.

He further noted that “bimonthly maturities could be maintaineds for advances due in 2025.”

Regarding the situation of employees who will pay Income Tax again in 2024, In theory, since it is an annual tax, employees will be left with a debt from January, because no withholding was applied to them. However, noor they will have to pay because the law provides for a special deduction which implies that they do not have to pay anything retroactively.

In the case of company directors who are still paying the tax, the possibility arises that after the changes the companies will have to return money.

Source: Ambito

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