It is possible to regularize any amount free of charge, If the money in the financial system until December 31, 2025or it is invested in some of the placements authorized by the Ministry of Economy. Those who regularize any type of property or holdings worth up to US$100,000 will also not be subject to paying taxes.
It is important to note that the earlier you enter the regime, the lower the rate to be paid. The rates are divided into 3 stages:
- Stage 1: until September 30, 2024, a 5% rate is paid on the surplus of US$ 100,000
- Stage 2: until December 31, 2024, the rate is 10%.
- Stage 3: until March 31, 2025, the rate rises to 15%.
A novelty is that Individuals who have lost their tax residency may join the regime before December 31, 2023. By adhering to the whitening process, these people will acquire residency again as of January 1, 2024.
The rule also regulates the possibility of advancing the Personal Property Tax Payment from 2023 to 2027 with a rate of 0.45% per year, which benefits the taxpayer by being exempt from filing a tax return until 2028 and by achieving fiscal stability (higher rates cannot be charged during that period on their assets).
The requirements, forms, conditions and exclusions of membership are available on the microsite www.afip.gob.ar/nuevopactofiscal. It will be possible to access the externalization from today until the expiration of each stage.
Money laundering: what will happen in cases of externalization
To facilitate externalization, it has been planned that adherence to the regime will be expressed paying 75% of the tax corresponding to the assets to be included, and Then (there is an additional month after each stage) the taxpayer will file the sworn statement with the details of said assets and will pay the remaining 25%.
The assets that can be disclosed are those in the possession of the taxpayer (ownership, possession, holding or custody) as of 12/31/2023, which will be accredited in the sworn statement by attaching evidence of ownership and valuation of the same as of that date.
In the case of externalizing cashit must be deposited in a Special Account for Asset Regularizationand as long as they remain there, they will not pay tax. However, funds that are not transferred to these accounts will be taxed. Cash must be regularized within the first stage, until September 30, 2024.
Another novel aspect is that In the event of detecting assets that were not disclosed, the taxpayer will be deprived of the benefits of money laundering only for that asset.
Money laundering: what other benefits does the Government offer?
- It is the last chance until 2038The Law on Palliative and Relevant Tax Measures establishes that those who adhere to the money laundering regime will not be able to register in other similar regimes until December 31, 2038.
- It is released from any civil action and from tax, exchange, customs crimes and administrative infractions.
- Extinguishes the criminal action, andexcept those initiated by individuals who have been harmed.
- The presumptions of unjustified increase in assets will not apply.
- Benefits to compliers:The regulations provide for a 0.5% reduction in the personal property tax rate for the periods 2023, 2024 and 2025 for those taxpayers who have complied with their declarations and payments in 2020, 2021 and 2022.
How much does the Government intend to collect with this money laundering?
The Government has, as a base scenario, a projection in which the money laundering included in the fiscal package of the Bases Law, provides a collection of 0.3% of GDP. The exposed number of a tax income equivalent to 0.3% of GDPwhich in other words would mean almost US$2 billion.
The special tax on money laundering provides for a progressive rate scheme of 5%, 10% and 15% that the AFIP would charge those who enter according to the stage of externalization in which the taxpayers adhere. The escalation, being cheaper the sooner it is formalized, is planned to push a early entry.
Source: Ambito
