Regarding decree 608/2024 published on Thursday, July 11 in the Official Gazette, on palliative and relevant fiscal measures, it is important mention the regulated issues that the Law does not expressly mention and it is important to clarifyon the “Special Regime for Income Tax on Personal Property” (REIBP) – Advance on Personal Property;
In principle, it clarifies that the new acquisition of status as resident subjects over non-resident subjects as of 1/31/23 in the event of joining the REIBP, will take effect as of January 1, 2024, for the purposes of Income Tax.
If the conditions for loss of residence are accredited (permanent residence abroad, 12-month stay abroad), the processing will only take effect from January 1, 2025.
This means that they must file and determine the Income Tax, at least for the 2024 fiscal period, even if they do not file Personal Property for the advance payment made through the REIBP.
Secondly, it is a condition of joining the REIBP:
- That the determination of the Personal Property Tax for 2023 would have generated a determined tax by itself.
- That, in the event that assets have been laundered through this Law, they must also be included in the REIBP, that is, both laundered and non-laundered assets must be included.
Using its powers, it makes the membership and payment period more flexible, namely:
- Payment of the 75% advance: until the deadline for payment of the 2023 tax returns (end of August 2024) for non-laundered goods, and by March 30, 2025 for laundered goods.
- Filing of affidavit and remaining 25%: until September 30, 2024 for non-laundered goods and April 30, 2025 for laundered goods.
In the case of including laundered assets, the values in dollars must be converted to pesos at the official BNA exchange rate of the day prior to the presentation of the respective Stage (or last presentation, in the case of having adhered to several Stages).
Deductions from the amount to be paid by the REIBP include advances, withholdings, perceptions and balances in favor of previous periods, which will be charged only on the amount payable by REIBP on non-laundered goods.
In the event of the death of the taxpayer who joined the REIBP, the undivided estate will not have to pay said tax until 2027, or until the declaration of heirs. Once this has happened, the heirs will only be able to enjoy said exemption, to the extent that they have also personally joined the REIBP.
Tax & Legal Partner at BDO Argentina.
Source: Ambito
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