Buenos Aires, Jul 17 (EFE).- Argentina on Wednesday decreed a tax procedure to regularize assets, property and assets (money laundering) under a tax exemption regime for capital under $100,000 or for any amount as long as it remains in the local financial system until December 31, 2025.
The legislation was published in the Official Gazette and will be regulated by the Federal Public Revenue Administration (AFIP) under the name ‘Palliative and Relevant Tax Measures’, better known as money laundering and aimed at residents and citizens who have moved their tax residence to another country.
“This is the first regularisation of assets in Argentine history in a context of legal stability, low inflation and fiscal and financial surplus,” said presidential spokesman Manuel Adorni on Wednesday at his usual press conference at Casa Rosada (headquarters of the Argentine Executive).
The spokesman added that those who adhere to the scheme “will not be able to register for similar schemes until 2038,” so this “is the last opportunity they have to access this type of benefits,” he said.
According to a statement from the AFIP, it will be possible to regularize any amount at no cost if the money remains in the financial system until December 31, 2025, or if it is invested in the investments authorized by the Argentine Ministry of Economy.
The tax authority clarified that the sooner the system is entered, the lower the amounts to be paid.
The first stage ends on September 30, 2024, with a 5% rate on the amount exceeding $100,000; the second will close on December 31, with an additional 10%; and the last, which expires on March 31, 2025, will amount to 15%.
This measure is part of the new fiscal pact for which the Government of Javier Milei obtained parliamentary approval, together with the Law of Bases and Starting Points for the Freedom of Argentines – the Executive’s flagship project – on June 28.
“The new fiscal pact is for all those who escaped the clutches of politics and the permanent change of rules that occurred in Argentina, for all those who had to do so in order to ensure that the State does not keep their assets and that their ventures are viable in other latitudes,” added Adorni.
The measure also exempts the person from “any civil action and tax, exchange, customs and administrative offences” and extinguishes criminal actions, except those initiated by individuals who have been harmed.
Finally, the regulations will allow the payment of Personal Property Tax – a tax applied to personal property existing on December 31 of each year – to be made in advance from 2023 to 2027 at a rate of 0.45% per year and the taxpayer will be exempt from filing tax returns until 2028.
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2024-07-18 11:07:55
