For the calculation of extraordinary income Investments and extraordinary income and expenses related to the financial result will not be taken into account.. Regarding the first point, people with access to the new regulations indicated in dialogue with Ámbito that “it does not include a criterion linked to reinvestment.” “It is a very difficult issue to determine from the conceptual and operational point of view of how to apply it,” they assured. Regarding the second point, related to the financial costs of the companies, they explained that “the financial result can have different origins.” “A result for holding inventory is part of the cost, for example,” they indicated. “What the bill says is that extraordinary income and expenses are filtered, and it does not expressly include financiers in that concept,” they detailed. “You have to regulate it,” they anticipated.
Another aspect that will be taken into account is inflation. The net taxable profit will be adjusted according to the evolution of end-to-end inflation in December 2022 compared to the same month in 2021. Official sources graphed it as follows: a company that records a profit of $1.2 billion in 2022 must first adjust for inflation compared to 2021 (in the scenario, a profit of $600 million is assumed the previous year and inflation around 50%) and, if you meet one of the additional requirements above, you will have to pay. How many? 35% of Profits on the $1,200 million and 15% on the difference between $1,000 million (the profit of the previous year adjusted for inflation) and the $1,200 obtained in fiscal year 2022. In fair: 35% on the $1,200 of net profit taxable income and 15% on $200 million of “extraordinary” gain.
Does this mean that there will be companies that will pay 50% of Profits? According to official estimates, it would not be reached, although they do not rule out that some “very large companies” approach 50%.
In the presentation made on Monday, the Minister of Economy, Martín Guzmán, assured that it is a tax that, as it is a modification of the Law of Profits of Companies, is subject to advance collections. On this point, in the Government they admit that they can collect perceptions during the 2022 financial year in advance, but this necessarily implies that the project is approved in Congress. Everything suggests that the legislative path of the project, which will begin in Deputies, will be complicated.
The scope of the project, say those who know the details, seeks “transversality.” “The idea is to do something transversal, different from what other countries did that allocated it only to energy (such as Italy and the United Kingdom)”, they remarked, for which, in fact, all “large companies that have this billing and increase their profit margins are going to be reached”.
The logic, they explain, is as follows: not all companies that have increased their profits are taxed, but rather those companies that increased their profits as a result of expanding their margins or maintaining very high margins. “The increase in Profit is not due to an increase in production or sales, but because the prices of the goods increased more than the costs,” they detail. “This is the way in which we define unexpected income, companies that due to the war had the possibility or faced a scenario where the prices of the goods they sell increased much more than production costs.”