The regularized funds must remain in permitted investments until December 31, 2028, as published in the official text.
As anticipated by Ambito, the Federal Public Revenue Administration (AFIP) ppublished this Friday in the Official Gazette how the dollars declared within the framework of the money laundering regime can be invested.
As published in the Resolution 590/2024The list includes several productive activities and reminds that under this regime, taxpayers will be able to regularize undeclared assets, both in Argentina and abroad, by paying a special tax.
According to the regulations published this Friday, individuals and legal entities that are tax residents in the national territory as of December 31, 2023 will be able to join the tax whitening program. Also, non-resident individuals who had been tax residents in Argentina until before that same date.
What assets can be regularized?
- Cash, both in Argentina and abroad.
- Money deposited in foreign bank accounts.
- Securities deposited in foreign entities.
How are assets regularized?
Assets must be deposited in a Special Asset Regularization Account. The law states that a special tax must be paid on the value of the regularized assets.
Likewise, the special tax rate is 20% for assets in Argentina and 35% for assets abroad.
What can regularized funds be invested in?
The regularized funds can be used for the subscription or acquisition of:
- Public securities issued by the National, Provincial, Municipal Government and/or the Autonomous City of Buenos Aires.
- Certificates of participation or debt securities of trusts that promote productive investment.
- Shares in mutual funds.
- Direct or indirect investment in real estate projects that begin after the entry into force of Title II of Law No. 27,743.
What are the deadlines for regularizing assets?
The deadline for the manifestation of adherence to Stage 1 of the Regime is August 31, 2024. Meanwhile, the payment of the excise tax must be made within 90 days of joining the regime.
Finally, the Resolution concludes by mentioning that: “The regularized funds must be maintained in the permitted investments until December 31, 2028.”
Source: Ambito
