The bill sent to Congress establishes a new “Special Personal Property Income Tax Regime,” under the acronym “REIBP”, be approved It would be valid until December 31, 2027a few days before the end of Javier Milei’s mandate.
The project provides that the choice to join the REIBP will be individual and voluntary It will remain open until March 31, 2024.
Taxpayers who choose to join the REIBP will pay the personal property tax corresponding to the 2023, 2024, 2025, 2026 and 2027 tax periods at a uniform rate.
The total write-off of tax due under the REIBP must be carried out up to and including 31 May 2024.
Rate
So far the rate varies from 0.5% to 1.75% depending on the amount, while for goods abroad there is a special rate of 2.25%. The project envisages that the rate will be reduced to 0.75% per year. In the last year of this regime, the rate is 0.5%.
But in addition, the project provides an immediate benefit for taxpayers who will join the new system by next May are willing to pay in advance the maturities ranging from 2023 to 2027. In this case, they will have access to an immediate discount bring the rate to 0.75%. This would be equivalent to pay 3.75% of the assets now and get rid of the payment for the next four years.
This means that the taxpayer will not have to pay for assets that they add to their assets between now and 2027, as long as they join the scheme and agree to pay upfront.
Tax credits
Tax credits, advance payments and advance payments of the personal property tax corresponding to the tax period 2023 may be taken into account for the payment of the respective tax under the REIBP.
Taxpayers must make an initial REIBP payment of not less than 75% of the total tax to be determined under the rules of this regime. This initial payment must be made up to and including 31 March 2024.. The National Executive may change this last date, but never later than 30 April 2024.
Taxpayers who choose to join the REIBP They will be excluded from all obligations under the personal property tax rules for tax periods pending until the scheme expires. (i.e. from 2023 to 2027 both inclusive).
This exclusion covers all aspects of personal property tax, including the obligation to submit sworn declarationsthe calculation of the tax base, the determination of the tax, the payment of the tax or its advances or advances and any other obligations relating to the personal property tax.
Taxpayers who choose to join the REIBP they will enjoy fiscal stability until 2038 with respect to the personal property tax and any other national tax (whatever its name) created and the purpose of which is to tax all or part of the taxpayer’s assets, not being able to see his tax burden increased by property taxes (whatever the his name) ). ) beyond the limits established in the following paragraph.
Source: Clarin
