Daniel Funes de Rioja, president of the UIA. Photo: Fernando Orden
The Industrial Union has assured that the increase of Tax burden what does it mean Extraordinary advance of income tax for businesses it could jeopardize the economic recovery.
Resolution 5248/2022 of AFIP published on August 16 established an additional advance of income tax for companies that meet certain requirements: it will be 25% of the previous year’s tax or 15% of the tax result in the case where there was no tax to pay. Either way, it covers companies that had a tax payable equal to or greater than $ 100 million or a tax result prior to losses greater than $ 300 million.
“The provision commits and includes many medium-sized companies of the industrial sector. If you take into account the billing scales to be considered a medium-sized company in the industrial sector (up to $ 7,046,710,000 is considered a medium section II), only by presenting the 5% profitability before tax on invoicing a company section of medium size II would be covered by the measure (it would exceed $ 300 million), “the manufacturing entity explained in a report received from its partners.
“Like this, the universe of industrial enterprises reached represents 54% of formal employment and 70% of the wage bill. In turn, the universe of companies reached reaches about 84% of total exports “, adds the note.
The UIA has complained that this is not the first increase in the tax burden, added to obstacles in foreign trade.
According to his point of view, the extraordinary advance of Guadagno deepens the lack of predictability necessary for the recovery of the economy and increases the financial cost of the productive sector, “in a context of great difficulty in obtaining resources to finance productive projects”.
“It also jeopardizes the situation in the future since foresees resources that would be obtained in mid-2023 and that, in case of implementation of this measure, it will not be received next year. Thus introducing a new unpredictability factor on the mechanisms that will be designed in the future, with a greater potential tax burden for the financing of public accounts in 2023 “, said the body.
“A new change in the rules of the income tax game aggravates uncertainty and affects predictability that the production sector needs: it would be the fifth modification relevant income tax for companies in the last 10 years and the second in a year “.
The measure, insured in Uia, can double the advances that companies have to pay in 3 of the 10 months.
Furthermore, “those companies that have invested in the country will see their situation compromised because at this time of the year they have already organized their cash flow and they have committed payments Therefore, a modification of the Profit advances in many cases would generate delays in payments to suppliers or difficulties in dealing with the payment of debts to meet this new AFIP deadline “.
On the other hand, since the losses that the companies have suffered will not be taken into account, not only will it force companies to pay advances that otherwise did not correspond to them, but it may happen that the advance is paid by companies that then have no taxes to pay for. the period in question, the note continues.
“This could involve oblige financially committed companies to pay an advance of an income tax that will not exist, and therefore will further complicate their situation instead of accompanying them in their recovery ”.
“Likewise, not being able to offset the obligation with existing credit balances, or request the reduction of this new advance, not only are the rights of companies violated, but the possibility for companies to mitigate the damage of an obligation that their economic capacity does not match Companies that have a balance in their favor with AFIP will not be able to use it to pay the new obligation, deepening the immobilization of these balances and even increasing them when in the fiscal year for which the tax is not determined Advances are made to be paid, “they explained.
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Source: Clarin
