Tax relief for SMEs: what are the new interest rates after Luis Caputo’s announcement

The Federal Administration of Public Revenues (AFIP) reduced financing rates for SMEs who have to face plans to regularize their tax debts.

Resolution 5481/2024, published today in the Official Journal, the report of the announcement made on Monday afternoon by the Minister of Economy Luis Caputo.

Until now, through the current bimonthly update mechanism, compensating interest rates From 1 February they would have risen to 15.27% and punitive interests to 17.62%; AFIP has decided to place them at 7.63% for micro and small enterprises and at 9.16% for medium enterprises.

The Minister of Economy had anticipated the initiative on Monday afternoon: “Our intention is that in the future AFIP will stop funding these plans, “But we understand that the transition to a country where SMEs can more easily access bank loans will take time.”

In turn, through the network the reduction of the financing rate of permanent plans”.

“Since February, for those micro and small businesses, the interest “It will be reduced to 7.63% for micro and small enterprises and 9.16% for medium enterprises.”he detailed.

“The objective of this Organization is to contribute to the voluntary fulfillment of the tax obligations of taxpayers and/or responsible parties, on the basis of which it is deemed appropriate to make some changes with respect to the applicable percentage for the calculation of the financing rate interest of the tax plans and payment incentives – considering the current compensatory interest rate -, to strengthen the incentive to work for small and medium-sized businesses”, reads the text signed by the head of AFIP, Florencia Misrahi.

Reduction in interest rates: when will it come into force

The measure will come into force from this Tuesday, but will be applicable to payment facilitation plans submitted starting from Thursday 1 February 2024, according to the official text.

AFIP recalled that, through General Resolution no. 5.321, a regime of permanent payment facilitations has been established which allows the regularization of fiscal, customs and social security resources obligations – as well as their interests and penalties -, the application, perception and control of which are responsible for this organization.

The Argentine Chamber of Medium-sized Enterprises (CAME) celebrated the initiative with a statement: “Last week We expressed to Minister Caputo the need to consider some differentiations for micro, small and medium-sized enterprises. The defaults suffered by MSMEs are due to the inability to make payments. In no case is this a speculation on the market rate,” said the president of CAME, Alfredo González.

SN