This scheme is optional and consists of the advance payment of this tax for the fiscal period from 2023 to 2027. Individuals and undivided estates that are residents as of December 31 of last year may join it, as well as those who are not residents as of that date but who have been residents previously.
You can also join the REIBP the goods regularized under the “Asset Regularization Regime”However, in this case, this advance payment will only be for the fiscal periods from 2024 to 2027, excluding 2023.
The deadline for membership is September 30, which was extended by the Decree 608/2024since the law originally established the July 31, 2024. Which makes it essential to move forward. over the next few weeks with the respective calculations to assess the appropriateness of adhering to this new scheme.
It is important to note that those who opt for the REIBP will not have to submit or pay the sworn statements on Personal Property for the aforementioned period, as well as their corresponding advances or payments on account.
This covers any increase in the taxpayer’s assets during these periods, except when the assets are received as donations or for a fee at a value lower than market value, since in these cases an additional tax must be paid.
Another of the great benefits of this Regime is the fiscal stability that will be enjoyed by anyone who chooses to adhere to it until 2038regarding Personal Property and any other tax that is created and that taxes all or any assets.
Personal Property: How this tax is calculated
To calculate it, you must start from the Valuation of all assets of the taxpayer as of December 31 of last yearwithout considering those regularized under the “Asset Regularization Regime”.
This total must be subtracted the general non-taxable minimum ($100 million) and the one applicable to property used as a home ($350 million). In turn, these minimums were recently modified by another title of this same law.
The resulting amount must be multiplied by 5 (covering the fiscal periods 2023, 2024, 2025, 2026 and 2027) and then apply a rate of 0.45%. The resulting tax may be deducted from the tax credits already paid for the 2023 fiscal period, such as advances or payments on account.
Now, in case of adhering to the “Asset Regularization Regime” and wanting to include the regularized assets in this scheme, the valuation determined for this scheme must be taken, multiplied by 4 (covering the fiscal periods 2024, 2025, 2026 and 2027) and then apply an aliquot of 0.50%.
How to pay
A is established initial payment 75%, which must be paid by the due date of the Personal Property Tax return, which is at the end of August. The method of payment of the remaining 25% is still pending regulation by the Federal Public Revenue Administration (AFIP).
It is essential that this initial payment is made to to be able to access the benefits of the Regime. If this payment is less than the corresponding amount, according to what arises from the Affidavit of the Regime, the taxpayer will have two alternatives.
On the one hand, you can choose to remain within the Regime. In this case, you will have to pay the outstanding balance increased by 100%. That is, double.
Alternatively, the taxpayer may waive the benefits thereof. In this case, the amount already paid may be applied as a tax credit offset against any other tax charged by the AFIP, except for taxes as a substitute responsible for another’s debt, withholdings and collections, when the taxpayer is an agent, and taxes exclusively for social security and the financing of funds with specific allocation.
Several factors must be considered when deciding to join the REIBP. We consider it important to carry out a timely analysis of the factors that may affect the individual’s taxation.in order to have the necessary tools to make the best possible decision and achieve intelligent tax optimization.
Manager of the Tax & Legal team at SMS Buenos Aires signs a member of SMS Latin America
Source: Ambito
