The government sent the Money Laundering Act to Congress which it agreed with the United States

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Spurred by declining reserves, the government hastened and sent Congress a new draft of money laundry on the basis of the agreement that the Minister of Economy, Sergio Massaclosed with the United States to advance the exchange of financial information.

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The proposal, which includes a total of 37 articles, was called “Voluntary declaration of non-outsourced Argentine savings” and entered the Chamber of Deputies this Wednesday.

In particular, the initiative favors the creation of the special regime “Voluntary declaration of non-outsourced Argentine savings” and is aimed at natural persons, undivided assets and companies (subjects included in article 53 of the Income Tax Law).

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Included assets include 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).

Likewise, various applicable rates have been established for the outsourcing of goods from the country and from abroad in the event of repatriation applicable to the outsourced amount at the BNA exchange rate. They vary from 5% from the entry into force and until the deadline of 120 calendar days has expired, rises to 10% when this deadline is exceeded until the expiration of another four months, and reaches 20% when the delay is extended for a further 120 calendar days.

In addition, the applicable rates for outsourcing foreign activities are increased when there is no repatriation. On this point, it was specified that the repatriation of assets will be understood as “when the amount entered into the State by way of possession in foreign currency and the amounts generated by financial assets represent at least a percentage to be determined by the regulation of the total value of the assets abroad declared but which cannot be less than 10%”.

In accordance with the provisions of the project, a simplified regime will also be created with a special rate of 1.5% applicable to subjects who outsource the possession of domestic and/or foreign currency and the amount does not exceed 35% of the income annual. last 3 tax periods and with a maximum limit of U$D 50 thousand.

To access this simplified regime, the voluntary demonstration of possession of national currency or foreign currency will also require a purely informative sworn statement that accounts for the outsourced amount, while only taxpayers received from the so-called Solidarity Contribution are excluded.

Among the benefits promoted by this new government laundering, it should be noted that unjustified capital increases will not be considered for the declared assets, and the covered subjects are relieved of all civil, commercial, tax penalties, exchange penalties, customs penalties and infringements. administrative procedures that may correspond to the declared goods. But, in addition, they are exempt from paying income tax and other internal taxes such as personal property.

Source: Clarin

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