With the closure of the first stage of laundering, there will be no more possibilities to declare cashalthough for the Government there may be some chance of get a few more dollars that will help swell the reserves.
It is because since first of November you can continue declaring registrable assets, such as real estate or carsor bank accounts abroad. In these cases, taxpayers will have to pay a special tax of 10% whenever they exceed the non-taxable minimum of US$100,000.
In the case of foreign accounts, the owner could decide to repatriate the assets to make a purchase or investment, although the general provisions of the law will apply. In these cases, already They will have no restrictions: they will be able to give it the destination they want.
What can be done with money laundered
He tax expert and professor at the UBA, Mario Volman, He indicated that the taxpayer can do what he wants with the money “or leave it abroad paying 10% in this stage or 15% in the next.”
However, in the time remaining until midnight on October 31, the taxpayer has a deadline to repatriate the money to a special account and declare it as cash, and in that case, if you have less than US$100,000 you will not pay anything.
As of November 1, however, you will have to declare the account abroad and two possibilities are open: If it exceeds the non-taxable minimum, it will pay the difference, and if it does not exceed, it will pay nothing.
In these cases, the taxpayer could decide to bring the money to Argentina and make an investment in the country, such as buying a property or investing in the capital market.
An opportunity to add reserves to the BCRA
In this way, the Central Bank could add a few more dollars in the future for reserves, ddepending on the degree of confidence generated by the Government. Between August 30 of this year and October 25, dollar deposits in banks arrived au$s31,978, which implied a growth of u$s12,752 million. Since there were also withdrawals of money throughout the period, It is estimated that the money laundering was around US$18 billion.
He CEO of SDC Tax Advisors, Sebastián Domínguez, explained what can happen to someone who has already laundered assets in the first stage by paying the 5% tax and returns to declare in the second stage. “If you have already laundered assets, for example, of US$150,000 and you paid the tax on US$50,000, when you incorporate the account everything will be recalculated with the rate of the stage in which it enters. In this case, 10%,” he noted.
In principle, in accordance with the rules established by law, Taxpayers have a 10% margin of error in the value of what they declare.
If, for example, the person made a mistake by less than 10%, they will be able to correct it and the total whitewashing will not be lost. But if you exceed that margin you run the risk of having everything canceled and having to pay penalties, interest and back taxes.
Analysts warn that ““gap” is not in force for the Special Personal Property Income Regime (REIBP) which allows you to anticipate the tax for 5 years by paying a rate of 0.45%. That is, if a person had to correct the money laundering and joined the REIBP, they may lose the benefit.
Last hours for compliant taxpayers
At the initiative of the opposition, a prize was included in the money laundering for taxpayers who have always complied with its obligations, which is quite important. It is about avoid giving a signal from the State that it is better in the long run not to comply with the taxesWaiting for another whitewash. The benefit is a reduction of 0.5 points of the Personal Property Tax rate that corresponds to you.
They will be considered ““compliant taxpayers” to those who have complied with all of their tax obligations regarding the Personal Property Tax for the fiscal periods 2020 to 2022, inclusive.
To qualify as compliant, the taxpayer must:
- Not having regularized assets in the asset regularization regime, in accordance with Law 27,743.
- Have submitted and canceled in full, in accordance with the provisions of articles 64 and 65 of Law No. 27,743 and articles 41 and 42 of Decree No. 608/24 and its amendment, if they were required to do so, the sworn declarations determining the tax, relating to the fiscal periods 2020, 2021 and 2022.
For example, a person whoIt has declared assets from 2023 worth $120 million, which has a non-taxable minimum of $20 million, pays above the excellent scale of $6.3 million. Without the benefit you have a rate of 0.75%, and pay a total of $115,078 between fixed tax and rate. cThe compliant taxpayer will pay only $15,800 for the award.
Source: Ambito
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