The rule rgeneral rule of money laundering indicates that, depending on the case, It is cheaper to regularize funds in bank accounts that cash and this is a relevant point for those who reside abroad and have undeclared accounts. How much will it cost them to enter the Asset Regularization Program?
This week, the head of the Federal Public Revenue Administration (AFIP), Florencia Misrahiwas at the Miami consulate in order to explain the advantages of entering into the money laundering process. It is estimated that there are around US$100 billion abroad and the Government is seeking to attract at least part of it to Argentina.
Money laundering rules give money in bank accounts the treatment of an asset. That is to say, it is governed by the general regime and, therefore, The $100,000 deductible functions as a non-taxable minimum. If an Argentine in the United States has a has US$300,000 and whitens it, will pay the 5% special tax on US$200,000 and its regularization cost will be US$10,000.
Money laundering and the FATCA agreement
The regularization of accounts in the United States is the objective of the Government, aware that, within a few weeks, the AFIP will receive information on Argentines’ accounts abroad, especially those of individuals. This is the FATCA agreement for the exchange of tax data between AFIP and its North American counterpart, the Internal Revenue Service (IRS).
The American side will provide data on account holders. If it is a private individual, it will be declared. This is not the case for personal accounts. Offshore companies with legal structures where the true owners are hidden in companies created in tax havensThat data is not going to arrive.
It should be noted that, If a person had an undeclared account in Argentina, they would have the same treatment, That is, the US$100,000 acts as a non-taxable minimum. But that is more difficult to happen, since it would probably have been detected by the AFIP.
What about cash?
Now, yesIf a person had US$300,000 in cash and I would like to regularize them, so as not to pay the 5% tax, I would have to leave the money immobilized in a special account until December 31, 2025 or invest it in some of the options authorized by the Government.
That’s because the rule for this case is that lthe current franchise as a minimum exempt.
If the person did not want to leave the money immobilized, as in this case the cost of regularization would be US$15,000, because the tax is charged on the total.
Misrahi with the World Bank
Meanwhile, Misrahi continues her tour of the United States. She met with representatives of the World Bank (WB) with the aim of obtaining technical assistance to improve key areas of the tax collection agency, it was officially reported.
The head of the AFIP stated that Argentina “is determined to recover the prestige, transparency and full capacity of the tax administration, for which the collaboration of multilateral organizations is essential.” represents an opportunity to focus efforts on its modernization.”
Another of the topics discussed was the strengthening of international tax control, in which, according to an official statement,“AFIP has been giving clear signs of using all available exchange tools and best practices.”
Misrahi also held a meeting with the Argentine Consul in Miami, Marcelo Gilardone. There, it was planned to hold informative talks on the Asset Regularization Regime and the Special Income Tax on Personal Property (REIBP). These meetings They will be aimed primarily at Argentine citizens living in Miami and other cities in the United States.
Source: Ambito
