December 31st is the day AFIP takes a picture of the goods that every taxpayer must carry out account of what you have to pay for the movable property tax.
Those individuals with assets exceeding $6 million in 2021 (an amount that would rise to approximately $11.3 million in 2022, according to SDC Asesores Tributarios) can order your financial activities to reduce the impact of this tax, since there are investments with different types of tax rates.
For instance, while the money that is in the bank current account as of December 31st must pay a rate that can range from 0.5% to 1.75%, those that are kept in the savings book or with a fixed maturity (both UVA and traditional) they are exempt. This count for both pesos and dollars. Overseas dollars pay 0.7 to 2.25%.
“When you strategically plan your wealth, you not only have to take into account the financial aspect (returns), but also the tax impact,” explains Guillermo N. Perez, CEO of Grupo GNP, a tax consulting firm focused on planning tax.
In Personal Property, the important thing is to know what is exempt and what is taxed. “For example, Argentine shares listed on the Stock Exchange are taxed, but the tax is paid by the company, not the holder of the title. Instead, foreign shares are taxed and the tax is paid by the private individual, with a higher scale, from 0.7% to 2.25%”, says the specialist.
In any case, Pérez makes it clear The Treasury has the power to challenge any movement of financial assets which is carried out close to the closing day and suggests that the operation being carried out reflects a financial decision and not a speculative management. That means, you can’t set a deadline today and cancel it on January 4th.
There are also riskier but exempt assets, such as Argentine bonds. “So, out there what the taxpayer gains by not paying for personal property he or she may lose through a drop in price,” says Pérez. “You should look for the least volatile stocks.”
Here is a guide to analyze which financial activities are exempt and which pay Personal Wealth and how much the rate is:
NEITHER
Source: Clarin
