They clarify that works and improvements can be regularized at any level of progress

They clarify that works and improvements can be regularized at any level of progress

The Government established some Clarifications and changes to the measures that make up the Fiscal Packageamong them, that they will be able to to whitewash works under construction and improvements regardless of the degree of progress of the works. In addition, he precisely defined the concept of “relative in charge” in the case of the prorating of the US$100,000 franchises.

The measure comes to clarify several points that were being discussed Complaining accountants and tax advisors both for the externalization of assets and for the Special Regime for Income from Personal Property (REIPB) which allows advance payment of the personal property tax.

As detailed in a report Sebastian Dominguez, CEO of SDC Tax Advisors There are 11 key points to keep in mind:

Whitewashing: constructions, works in progress and improvements

Decree 608/2024 is amended to expressly provide that construction works, regardless of their degree of progress, and improvements may be regularized in the whitewashing process.

Improvements are expenditures that do not constitute ordinary repairs that are merely part of the maintenance of the property. In general, expenditures that exceed 20% of the residual value of the property are presumed to be improvements.

Could be the case of people who have declared a plot of land to the AFIP, but not the house they built later in it

Money laundering: dependent relatives and proportionality of the non-taxable minimum of US$100,000

The regulations established that the US$100,000 deductible must be provided when the taxpayer who regularizes has in his care any of the relatives contemplated in the law who also adhere to the regime.

Now the Government defines as “dependent relatives” those who are supported, totally or partially, by the taxpayer who regularizes, from an economic point of view and to the extent that their total annual income has not exceeded $451,683.19 in 2023.

In practice, this means that very few family members should be considered dependents.

Money laundering: release of the amount consumed

Decree 608/2024 mistakenly considered the release of the amount consumed to be included in section c) of art. 34 of the law (tax exemption). Decree 773/2024 solves this by referring it to section d) of said article (tax cap).

Money laundering: release from civil and criminal actions and tax release

Decree 773/2024 establishes that obligations in the course of administrative, contentious-administrative or judicial discussion in the tax criminal, foreign exchange criminal and customs areas are included within the release of civil, criminal actions, among others, and the taxes contemplated in money laundering.

This as long as they have not been firm as of July 8, 2024 and are linked to the assets, credits and holdings of the taxpayer as of December 31, 2023 that are regularized, and to the extent of those assets, credits and holdings.

Money laundering: fake invoices

The decree clarifies that the tax credits of the apocryphal invoices and the computed expenseswill not be considered in the money laundering.

REIBP: opening of the option for money laundering cases

Decree 608/2024 established that those taxpayers who did not determine personal property tax for the Fiscal Period 2023 would not be able to opt for the REIBP even if they laundered assets that, in the future, would make them taxpayers of that tax.

Decree 773/2024 modifies this situation and allows those taxpayers who do not determine personal property tax for the Fiscal Period 2023, to opt for the REIBP for all their assets in the event that they are subject to money laundering.

REIBP for laundered assets: date of option and payment of tax

Decree 773/2024 establishes that The option to join the REIBP must be carried out up to the deadline for submitting the affidavit of money laundering according to the corresponding stage.

And the initial payment of the REIBP must be made by the deadline set for making the adhesion statement and the mandatory advance payment for each of the Stages, considering all the regularized assets.

REIBP: calculation of tax credits

The Law establishes that For the payment of the REIBP, tax credits, advances and payments on account of the Personal Property Tax corresponding to the 2023 fiscal period may be computed.

Decree 608/2024 established that these tax credits included the withholdings and collections suffered and the freely available balances in favor that could be computed in the 2023 fiscal period.

Decree 773/2024 clarifies and expands the concept of tax creditsIncluding the withholdings and collections suffered from the Personal Property Tax corresponding to the fiscal period 2023 and the freely available credit balances of any tax that could have been computed against the personal property tax balance for that fiscal period.

This would enable, for example, the cancellation of the REIBP with balances in favor of freely available profits or VAT.

REIBP: situation of widows

The situation of the surviving spouse (widow) is resolved in case his or her husband or wife had joined the REIBP and then died. The survivor would have to pay personal assets that his or her spouse had declared as community property and had included in the advance payment. The decree solves that problem.

REIBP: situation of heirs

With the modification provided by Decree 773/2024, lHeirs who do not adhere to the REIBP will not have to pay personal property tax until 2027 corresponding to assets received by inheritance if the deceased (who died) had joined the REIBP.

Under the original text of Decree 608/2024, heirs were not required to pay personal property until 2027 only to the extent that they had joined the REIBP.

Personal Property: Compliant taxpayers and flexibility

There was Cases of taxpayers who were paying personal property debt in payment plans in effect as of December 31, 2023 and, for that reason, they were not eligible for the benefit of rate reduction for compliant taxpayers.

Decree 773/2024 makes the requirement to have the tax fully paid before December 31, 2023 more flexible by considering that the total payment of the tax includes that made through a payment plan, in force as of December 31, 2023 and paid, in full and for all purposes, until the due date for filing the sworn statement and payment of the personal property tax for the 2023 fiscal period or for joining the REIBP if this is earlier.

Source: Ambito

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