AFIP’s new clarifications for the Regularization of Assets

The AFIP added new clarifications for the purposes of regulating the Asset Regularization Regime (Laundering) regulated by Law No. 27,743, Title II and regulated by Decree 608/24 and General Resolution 5,528.

Through the already disseminated General Resolution 5,561, the tax collection agency first modifies article 20 of RG 5,528 by adding a final paragraph to establish for the self-employed that the ownership declared voluntarily within the framework of the money laundering It should not be taken into account as a precedent for the purposes of exclusion or recategorization of the small taxpayer reporting with respect to the periods prior to said declaration..

The rule then introduces changes regarding the provision of reliable evidence and any other documentation necessary to prove the ownership and/or value of the regularized assets.

Assets in the country (Modification of Annex A of RG 5.528)

Regarding the accreditation of ownership and valuation of real estateyou must:

• Submit a deed of transfer of ownership, or failing that,
• bill of sale with possession or other similar commitment, in both cases provided with notarial certification, provided that possession has been given by December 31, 2023, inclusive.
• Provide a receipt or screenshot or web certificate, issued by the corresponding tax authorities, from which the fiscal valuation arises for the purposes of paying property tax or similar taxes.

Regarding the ownership and valuation of the construction works and improvements to real estate, The subject must prove:

• The ownership of the property of the work under construction or on which the improvements were made will be accredited according to the criteria established in the previous point for the declaration of real estate.
• For the valuation of the work under construction or of the improvements the following must be attached:

-Invoices or equivalent documentation supporting the sums invested since the date of each investment and/or

– technical report prepared by a professional qualified in the field certifying the assessment of said improvements and/or

-certificate of degree of progress of work and/or

-construction lease contract and/or any other reliable means that proves the valuation of the improvement to the property.

The valuation of the regularized property, including the value of the improvements incorporated, may never be less than the minimum value established in article 10 of Decree No. 608/24 and its amendment, which provides:

“The minimum value for the purposes of appraisal of urban and/or rural properties located in the country will be the value resulting from multiplying by FOUR (4) the taxable base established for the purposes of payment of real estate taxes or similar taxes on the date of regularization.”

“The taxpayer may prove that the market value of the property is lower than the minimum value, by submitting, as documentation, the amount determined by a real estate agent or other qualified professional whose title enables him to do so, in which case, this must be supported by the certificate issued for such purposes by those subjects.”

For the rest of the goods, including inventory, in the process of production and/or finished goods as of December 31, 2023

-The ownership It will be accredited by presenting the purchase invoice or equivalent document specific to the activity, and/or contracts, and/or any other reliable means that accredits ownership, indicating the concept or description and quantity of the goods.

-The valuation It will be accredited through said documentation and any other documentation that may arise, for example, from the insurance company policy, websites for the purchase and sale of goods or valuations carried out by professional experts in the field (Auctioneer, etc.).”

Assets abroad (Modification of Annex B of RG 5.528)

Regarding the accreditation of ownership and valuation of real estateyou must:

• Attach the deed of transfer of ownership, or failing that, the sales agreement or acquisition contracts and/or similar, provided that possession has been given as of December 31, 2023, inclusive.
• Submit documentation proving the market value of the property, determined by a real estate broker or other qualified professional whose qualifications enable him to do so.

As for the ownership and valuation of construction works and improvements on real estate, the subject must:

• The ownership of the property of the work under construction or on which the improvements were made will be accredited according to the criteria established for property in the country: deed or ticket with possession with notarial certification
• To prove the valuation of the work under construction or of the improvements must be

-Attach invoices or equivalent documentation that supports the amounts invested since the date of each investment and/or

– technical report prepared by a professional qualified in the field certifying the assessment of said improvements and/or

-certificate of degree of progress of work and/or construction lease contract and/or any other reliable means that accredits the valuation of the improvement to the property.

The valuation of the regularized property, including the value of the improvements incorporated, may never be less than the minimum value established in article 10 of Decree No. 608/24 and its amendment, which for properties located abroad provides:

“In the case of properties located abroad, the minimum value will be the market value arising from the determination carried out in accordance with the provisions of the preceding paragraph.”

In the event of having shares, equity intereststrust certificates, etc. from foreign issuersthe accreditation conditions for subjects that do not prepare accounting statements are modified, requiring them to present a financial position statement supported by certifications issued in the foreign country by the corresponding application bodies or by professionals authorized to do so in said country or a certificate of valuation, signed by the respective legal representative.

For the rest of the movable assets located outside Argentina, including inventory, in the process of production and/or finished goods as of December 31, 2023ownership will be accredited:

• By presenting the purchase invoice or equivalent document specific to the activity and/or contracts and/or any other reliable means that proves ownership, indicating the concept or description and quantity of the goods, if applicable.

The valuation will be credited:

• Through the aforementioned documentation and any other documentation that may arise, for example, from the insurance company policy, websites for the purchase and sale of goods or valuations carried out by professional experts in the field (Auctioneer, etc.).”