The Ministry of Economy has the draft law establishing the special regime ready “Voluntary declaration of non-outsourced Argentine savings” which empowers launder possession of domestic and/or foreign currency in the country and/or abroad, financial assets, real estate, movable property and other assets in the country and/or abroad (including credits).
According to the text you accessed clarion, the essential points are:
1) Rates applicable in the event of repatriation: 2.5%, from entry into force until 31 March 2023.
2) 5%, from 1 April 2023 to 30 June 2023.
3) 7.5%, from 1 July 2023 to 30 September 2023.
4) Tax rates for foreign assets are doubled when there is no repatriation.
“The repatriation of assets is understood when the amount entered into the State as possession in foreign currency and the amounts generated by financial assets represent at least a percentage to be determined by the legislation of the total value of the assets abroad that are declared”, indicates the text .
Furthermore, a simplified regime is envisaged with a special rate of 1.5% applicable to subjects who outsource the possession of national and/or foreign currency and of an amount not exceeding 35% of the average annual income of the last 3 tax periods and with an upper limit of US $50,000.
“To access the simplified regime, the voluntary declaration of the possession of national currency or foreign currency will require the preparation of a sworn statement that is purely informative, accounting for the outsourced amount”, reads the text and specifies: “They are only excluded from the regime Simplified Regime those taxpayers reached by the Solidarity Contribution (taxpayers with high ability to pay are excluded)”.
Those who participate in this laundering are released “from any civil, commercial, tax, currency, customs and administrative penalty that may correspond to the goods declared”.
“Subjects are released from the following taxes which they had failed to declare: • Irpef.; Internal taxes and value added; Taxes on personal assets and extraordinary contributions of cooperatives”.
Exclusions for public officials and their immediate family members. “Persons who, from 1 January 2010 to the date of entry into force of this law, have held public functions, as well as their spouses, cohabitants, parents and children”, the text specifies.
Cooperation agreement: is incorporated as a procedure for the AFIP to obtain information from any resident or non-resident person enabling the detection and/or location of both undeclared assets, in the country and abroad, and maneuvers that target some of the crimes typified in the present Penal Tax Regime.
“The authority can agree with the collaborator, within the terms established for this purpose by the regulation, the amount of the compensation, which cannot exceed 20% of the total amount actually collected. The collaborator will enjoy the protection and confidentiality of his own identity and that of his family or business environment”, reads the text.
Source: Clarin
