2024-08-12 10:55:55
Los The next few months will be critical about Tax planning. As money laundering is already regulated and the special income tax regime of the Tax on Personal Property (“REIBP”) is in full force, it is important to take the necessary time to delve into the different alternatives proposed.
Personal assets: AFIP regulates advance payment system
On the one hand, we have an asset formalization (money laundering) system, Allows goods to be regularized at 0% to 15%, depending on joining date. On the other hand, a The personal asset advance payment system allows assets to be frozen and tax paid at a reduced rate of 0.45% (or 0.50% for laundered assets) from December 31, 2023.
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A combination of the two would be very beneficial For those who are interested in money laundering and intend to change the composition of their assets in the coming years.
Dates and deadlines for personal asset cleansing and advance payments
In principle, sworn declarations of annual income and personal assets are due between August 26 and 28. until then All existing assets as of December 31, 2023 must be included, Calculated in accordance with tax laws. This will allow you to start the REIBP calculation to determine its suitability.
AFIP extends personal assets and profits until payment can be made
Apart frompeople who are interested in joining REIBP, Together with such affidavit duean amount equal to 75% of the tax must be paid in advance. he remaining balance, and a sworn statement from REIBP. September 30, 2024.
REIBP related to laundered assets will expire in a few months. Down payment (75%) must be paid by March 31, 2025, with the remaining balance due on April 30, 2025, along with the REIBP Affidavit.
beside youthe first phase must comply with the cleaning regulations (rate of 5%) before September 30, The second phase is December 31 (the tax rate is 10%), and the third phase is March 31, 2025 (the tax rate is 15%). Along with the declaration of compliance, a 75% money laundering tax must also be paid in advance.
AFIP personally stepped in to control 24,000 non-compliant taxpayers
The first phase must pay the remaining balance and submit a money laundering affidavit by November 30, 2024; the second phase must be paid by January 31, 2025; and the third phase must be paid by April 30, 2025.
The Key to REIBP: How to Calculate
REIBP is calculated by multiplying the tax basis of the individual’s assets by 5, considering that the tax is expected to be collected between 2023 and 2027. This value is subject to a tax rate of 0.45% minus tax credits. (Opinions, progress, etc.)
therefore, A total of 2.25% will be paid 5 years in advance, when The general system uses progressive tax rates, with annual top rates of 1.50%, 1.25%, 1%, 0.75% and 0.25%, meaning the total top rate is 4.75% (3.25% for complying taxpayers).
Additionally, REIBP involves considering only assets as of December 31, 2023, paying taxes for all those years. , since 2029.
Beyond that, fiscal stability until 2038, Which It guarantees a maximum state property tax rate of 0.25% until that year. Although this is obtained by joining the REIBP, it is crucial in terms of money laundering as it avoids the imposition of new taxes or increases in existing taxes on laundered (and non-laundered) goods, which would It has happened in previous cases. Chance.
For those whose money is laundered, as the tax base of the REIBP must take into account the valuation based on the money laundered (converted in pesos to official US dollars), the tax rate will be 0.50% instead of the 0.45% indicated above.
Since laundered assets are considered to be included as of January 1, 2024, the tax base must be multiplied by 4 rather than by 5, as taxes for the period 2024 to 2027 will be covered.
bleach
All domestic and foreign assets owned, held in custody or in possession until December 31, 2023 are eligible for regularization.
The tax to be paid will be determined based on the time of joining and the amount of money laundered. If it is less than $100,000, no regularization tax is payable. If higher, pay 5%, 10% or 15% depending on joining date.
Likewise, if cash, bank accounts or overseas investments are laundered, even if the amount exceeds $100,000, tax may not be paid.
To do this, the funds must be transferred (after liquidation of the investment, if applicable) to a special account in Argentina and deposited or held in certain investments permitted by regulations until December 31, 2025. A 5% withholding tax will be imposed.
Generally, taxes are determined and paid in U.S. dollars. However, if assets located specifically in Argentina are laundered, such as real estate and investments, taxes may be paid in the national currency.. This is an advantage because the normalized rate is US$1,000 and the MEP rate is currently between US$1,300 and US$1,400.
With respect to the declared assets, followers are immune from all civil suits, tax, foreign exchange, customs and administrative violations and from taxes unpaid up to and including December 31, 2023.
Likewise, entities involved in money laundering activities will not be able to enter a similar regime that may eventually be implemented before December 31, 2038.
Some conclusions if you are considering joining a money laundering operation or paying forward personal assets
REIBP and money laundering are complementary regimes and can be applied together. In the case of cleaning and gluing, both cleaned and undeclared merchandise must be cleaned and glued.
A joint analysis of both regimes could be very interesting, but to do this it is necessary to devote sufficient time to studying each case and its regulatory application, as the conclusions may vary depending on each one’s actual situation and future operations. different. Correctly analyzing the situation is key to orderly tax planning and avoiding trouble.
While joining ML is until March 31, 2025, and joining REIBP is until September 30, 2024, the latter’s advance on undeclared assets is due at the end of August, while bleach’s cheaper rates are due until End of September.
Time is therefore limited and the next few months will have to be followed by relevant analyzes and decisions on whether to comply with the current regime.
* Tax and Legal Partner at SMS Buenos Aires, SMS Latin America member firm
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