Argentina regulated the tax procedure to regularize assets, property and assets (money laundering) under a Tax exemption regime for capital less than USD 100.000 or for any amount as long as it remains in the local financial system until December 31, 2025.
La General Resolution 5528/2024 The Federal Public Revenue Administration (AFIP) published its new tax measure today (17.07.2024/XNUMX/XNUMX) in the Official Gazette 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.
According to a statement from the AFIP, it will be admissible to regularize any amount without cost if the money remains in the financial system. until the 31 of December of 2025, or if invested in placements authorized by the Ministry of Economy.
The entity also clarified that the sooner the system is entered, the lower the amounts that must be paid.
The first stage The first one ends on September 30, 2024, with a 5% rate on the amount exceeding $100.000; the second one will close on December 31, with an additional 10%; and the last one, which expires on March 31, 2025, will amount to 15%.
In this way, the regulations provide for a reduction of 0,5% of the personal property tax rate for the periods 2023, 2024 and 2025 for those taxpayers who have complied with their declarations and payments during 2020, 2021 and 2022.
“The rule also regulates the Possibility of advancing payment of Personal Property from 2023 to 2027 with a rate of 0,45% per year, which benefits the taxpayer by being exempt from filing the sworn declaration until 2028 and by achieving fiscal stability (higher rates cannot be charged during that period on their assets),” indicates the AFIP.
Among other points, the measure also frees from any civil action and tax crimes, exchange, customs and administrative violations; extinguishes criminal action, except those initiated by individuals who have been harmed; and discards the application of the presumptions of unjustified increase in assets.
Regarding the requirements, forms, conditions and exclusions of membership, they are available on the national agency's website. www.afip.gob.ar/nuevopactofiscal, which will be in force from this Wednesday until the end of each stage. The law on Palliative and Relevant Fiscal Measures establishes that those who adhere will not be able to register in other similar regimes until December 31 of that year.
Externalization process of goods
In order to facilitate the externalization process, it was established that 75% of the tax must be paid that corresponds to the assets to be included, and then the taxpayer will submit the sworn declaration with the details of said assets and pay the remaining 25%.
The assets that can be disclosed are those in the taxpayer's possession (ownership, possession, holding or custody) as of 31/12/2023, which will be accredited in the sworn statement by attaching proof of ownership and valuation. On the other hand, in the case of laundering cash, it must be deposited in a Special Account for Asset Regularization and -as long as they remain there- they will not pay tax. Funds that are not transferred to said accounts will be taxed.
Furthermore, if assets are detected that were not disclosed, the taxpayer will be deprived of the benefits of money laundering only for that asset.
Excluded from the tax whitening process are those officials who have worked in the public sector in the last five years from the date of entry into force of the law and those who currently perform public functions, as well as spouses, ascendants and descendants of the affected subjects, as well as former spouses who were during the time in which said subjects served in their positions.
This AFIP measure is derived from the Law of Bases and Starting Points for the Freedom of Argentines (Title II), which was regulated by the Decree 608 / 2024.
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