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The changes that need to be known and the rates that remain with the new Government law

The changes that need to be known and the rates that remain with the new Government law
The changes that need to be known and the rates that remain with the new Government law

The original text of the tax package establishes that Profits be paid from an out-of-pocket salary of $1.4 million in the case of a single person without children. In Personal Assets, rates would be reduced and taxes would be allowed to be advanced until 2027.

AFIP

The Chamber of Deputies finally approved the Bases law and the fiscal package. The reform of Personal Property, which includes a reduction in the rates, ended with 134 affirmative votes, 118 negative votes and three abstentions (Frade, Nicolás Massot and Margarita Stolbizer).

Voting against, in addition to the Union for the Homeland and the left, were Fein (Socialist), Paulón (Socialist), De la Sota (HCF), Acevedo (PSC), Jorge Ávila (HCF), Fernando Carbajal (UCR), Carrizo (UCR), Coletta (UCR), Coli (UCR), Juliano (UCR), Manes (UCR), Emilio Monzó (HCF), Florencio Randazzo (HCF), Tavela (UCR).

Fiscal package approved with Senate changes discarded, Federal Public Revenue Administration (AFIP) will launch the mechanism for the liquidation of the Tax to Profits and Personal Assets, whose expiration operates in August.

The opinion of the The Budget and Finance Committee reinstated the original text that it had sent to the Senateincluding among other points, article 111 which requires the Executive Branch to send a Law within 60 days to establish cuts in special regimes and exemptions from various taxes, such as VAT.

Personal Assets: main points of the project

  • The new rate will go from $27 million to $100 million. The deduction for family housing will go up to $350 million.
  • On the other hand, for sworn declarations with assets until the end of 2023, the rates will be between 0.5% and 1.50 percent. Between 2024 and 2026, only two rates would remain in force, between 1.25% and 1.50%, and from 2027, a single rate of 0.25%.
  • The Special Personal Property Tax Income Regime (“Reibp”) is established, which allows taxes to be paid now until 2027.
  • The Reibp will be optional and voluntary. The tax for 2023, 2024, 2025, 2026 and 2027 can be paid at 0.45%. Those who enter the whitening process can do so at 0.5%. And the beneficiaries will not need to file sworn declarations during the period.

Source: Ambito

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