What are the main changes that the “Historical Repair Plan for the Savings of the Argentines” brings

In this way, the amounts from which banks, virtual wallets and stock market agents should inform financial operations to the authorities. The new amounts are now $ 50 million for human persons and $ 30 million for companies in case of transfers and accreditations, $ 10 million for extractions and $ 100 million for holdings in Alyc in case of human persons and $ 30 million for companies.

Likewise, several information regimes such as the sale of used cars, the Coti (applicable in the sale of real estate), the purchases made with bank cards or virtual wallets, the consumption of public services and expenses, among others, were eliminated.

Finally, banks were prohibited from requesting tax affidavits and a simplified regime was created for the submission of the sworn declaration of the Profit Tax. The latter would lead to stop informing the assets and expenses, and only the necessary data must be reported to reach the amount to be paid, such as computable income and deductions.

These measures would be complemented with others aimed at encouraging the use of the call “Dollar mattress”, providing greater peace of mind and a more robust legal framework for people who wish to use them. The project text is already made, but will require approval in Congress and a regulation associated with the purposes of its application.

Through the same, certain issues of the Criminal Tax Law and the Fiscal Procedure Law would be modified, and new provisions on the simplified regime of the Income Tax would be incorporated.

What are the new measures contemplated by bill?

In relation to the Tax Criminal Law and the Fiscal Procedure Law:

• The value of fines for filing offenses and formal breaches is increased.
• The minimum amounts to configure tax or social security crimes are increased (Simple Evasion $ 100 million and aggravated evasion $ 1 billion for tax crimes; and $ 7 million and $ 35 million respectively for Social Security).
• In case of a criminal complaint, the criminal action of entering the claimed amount and its interests plus an additional 50%, within 30 days of notified the procedural act can be extinguished.
• Criminal action will not continue when the debt is prescribed.
• The Treasury may not formulate criminal complaint when the taxpayer exteriorizes the criteria adopted to determine the tax obligation, or when it will regularize the situation before receiving the notification of the start of inspection.
• The prescription period of 5 to 3 years is reduced when the affidavit and the claimed difference were not significant.
• The impossibility of local jurisdictions will be proposed to prescribe deadlines other than nationals in tax matters.

Regarding the new simplified regime of profits:

• Those who are not large national taxpayers may not apply and during the last 3 years have had income and a patrimony of up to $ 1 billion.
• In case of accepting and paying the affidavit proposed by ARCA, it will be liberating effect and ark may not claim, unless the omission of income is verified, the computation of inadduction deductions or apocryphal invoices.
• The accuracy of the affidavits of profits and VAT of the non -prescribed periods is presumed except that, for the reasons indicated in the previous point, Arca challenges the affidavit and detects a significant discrepancy.
• A significant discrepancy is understood as a difference of balance to pay or favor (or brokenness) of at least 15%, a higher tax difference $ 100 million, or an increase in the balance to be paid or favor (or brokenness) on the occasion of apocryphal invoices.
• If a significant discrepancy is detected, Arca may extend the inspection to the rest of the non -prescribed periods. This will not apply to the periods in which the liberatory effect indicated above or those included in the last laundering in case the taxpayer has adhered to it is available.

What do these measures imply and impact?

As can be seen, the first batch of measures referred mainly to a decrease in the volume of data and information that must be reported on certain daily consumption and operations considered low value. 100% of the information flow was not eliminated, but the same to data that are considered relevant was limited.

On the other hand, the new measures contained in the bill seek to strengthen the legal certainty of taxpayers, to encourage them to enter money into the system.

While it is not a laundering in the strict sense of the word, since this would entail a spontaneous externalization of goods with norms that protect and forgive the subject that whites and the payment of a “penalty” for the non -taxation; It does give greater guarantees towards taxpayers, in order to generate greater confidence and promote the development of operations in the country.

The presumption of veracity of the statements and the liberatory effect are issues that restrict the inspections and determinations ex officio of Arca. Likewise, the new simplified regime circumscribes the detection of irregularities to differences in declared income or computed deductions, leaving aside the assets of the person. That is, there is no entity to the declared or omitted goods, but specifically to the elements that determine the tax to be entered, allowing it to be convinced with certain “non -significant” differences.

What is attempted with these measures is to change the focus of ark control and migrate made a more collection scheme than omnipresence. This does not mean that there are no more inspections or inspections, but that they in principle would focus on more relevant amounts or issues that merit it at the fiscal level. The possibility and power of ark to control minor amounts still exist, but the truth is that they hardly arise automatically and their consequences would be, in principle, less severe.

Finally, at the provincial level the project invites the provinces and to implement simplified regimes of inspection aligned with the national regime, in order to have some homogeneity with the provincial taxes. Nation is in turn signing an information exchange agreement between ARCA, the provinces and CABA, within the framework of the implementation of the simplified earnings regime. More than half of the provinces already signed it, which seems to aim at a more dynamic exchange between them and nation.