In this context, the AFIP reported that “is working as a team with other agencies (CNV, BCRA) to implement this tax regularization measure, in order to issue general resolutions and make the corresponding applications available, starting next Wednesday, July 17.”
Money laundering
Regarding money laundering, the following are established: deadlines and details for being able to join this program to regularize assets that were not declared to the AFIP. Taxpayers will be able to express their support and make the mandatory advance payment until April 30, 2025. In addition, it is established that the exchange rate to determine the tax base will be 1,000 pesos per US dollar.
People with residence in Argentina and who declare up to 100 thousand dollars in cash will not pay any taxes, but it will only apply if the AFIP does not detect any undeclared assets or holdings greater than 10 percent of what was declared. The threshold for losing this benefit is set at 10% of the total value of the laundered assets, that is, up to values less than 10 thousand dollars.
Those with assets exceeding 100 thousand dollars who join the money laundering regime before September 30 and file their tax return before November 30 will pay a special tax of 5 percent.
Those who do it between October 1st and December 31st and submit their tax return by January 31st will pay a 10 percent rate and those who join from January 1, 2025 to March 31 and submit their sworn statement by April 30 will pay 15 percent.
Although the accession system ends on April 30, The government may extend this deadline until July 31, 2025, and considering deadlines that ensure that between each of the dates indicated there is a difference that cannot be less than three months.
Cryptocurrency laundering
The decree also clarifies aspects regarding the regularization of cryptocurrencies and virtual assetsestablishing that these They will be considered from the country if they are in the custody of service providers registered with the National Securities Commission.
“When the aforementioned assets are not under the custody and/or administration of an entity authorized for such purposes, whether in the country or in a foreign jurisdiction or country not identified by the Financial Action Task Force (FATF) as High Risk (“Black List”) or Under Enhanced Monitoring (“Grey List”), they may only enter the Regularization Regime if, before the deadline set for the manifestation of adhesion of stage 1 (until September 30), they are transferred to entities that meet such requirements, in which case they will have to remain deposited there until that date.”establishes the regulatory decree.
Regarding the valuation, its value must be considered. Market value as of December 31, 2023 or its acquisition value, whichever is greaterconverted at the Regularization Exchange Rate.
In another section of the regulatory decree it is specified that taxpayers who adhere to the Asset Regularization Regime, They will reacquire residency in our country as of January 1, 2024, inclusive, for the purposes of the Income Tax and Personal Property Law.
Moratoriums
The decree also sets out the conditions and procedures for the implementation of the Exceptional Regularization Regime for Tax, Customs and Social Security Obligations, as well as the Asset Regularization Regime due as of March 31, 2024.
Taxpayers who register for the moratorium will have 150 days from the regulations may request the extinction of the criminal action -to the extent that there is no final judgment on the date of cancellation.
It also states that the Payment facility plans included in the fiscal measures law will be subject to a financing rate calculated by the AFIP based on the rate of the Banco Nación for trade discounts, per calendar quarter until December 31, 2025.
People who pay their debt to Counted in the first 30 days or in three installments will have a 70 percent reduction in interestand those who pay within two months with the same system will have a 60 percent reduction in interest and those who do so within three months will have a 50 percent reduction in interest.
People who are small taxpayers They will be able to pay 20 percent and the rest in 60 monthly installments, while non-profit entities will have to pay 15 percent and the rest in 84 monthly installments.
Medium-sized companies will have to pay a Payment on account equivalent to 20 percent of the debt and for the resulting debt balance, up to forty-eight (48) monthly installments, while the rest of the taxpayers will have to pay 25 percent of the debt and the balance in up to 36 monthly installments.
Personal property
As for the Special Regime for Income Tax on Personal Property (REIBP), The regulations detail how the tax residence of taxpayers will be determined and the conditions for joining the regime.
The regulations entrust the AFIP with the publication of the updated amounts of the non-taxable minimums and scales of the Personal Property Tax for the fiscal periods 2024, 2025 and 2026.
The law established that the Minimum non-taxable from 27 to 100 million and from 137 to 350 million for assets intended for single-family homes and there is also a reduction in the rates from 1.75 to 1.50 that must be paid by both residents and those who have assets abroad.
Another benefit is that those who pay in advance for personal property taxes for five years will pay a single rate of 0.45 percent per year, while those who have been involved in money laundering will have to pay a rate of 0.50 percent per year.
Source: Ambito
