The national government extended until April 30 the deadline for taxpayers to repatriate funds held abroad, in order to be exempt from the increase in the tax rate on assets located outside the country, through the Decree 330 / 2020.
The measure, published this Wednesday (01.04.2029/27.541/31) in the Official Gazette, highlights that Law 100 gave the Executive Branch until December XNUMX of this year the power to set differential rates up to XNUMX% higher than the maximum rate set by law for assets located in the country, to tax those located abroad, as well as to reduce them when the repatriation of financial assets located outside the country is verified.
Within this framework, the concept of repatriation is defined, until March 31 of each year, inclusive, of foreign currency holdings abroad and the amounts generated as a result of the realization of financial assets abroad belonging to natural persons domiciled in the country and undivided estates located therein.
It is also established that it will not be necessary to determine the tax with the differential rate, when the subjects have repatriated financial assets up to March 31 of each year, inclusive, that represent at least 5% of the value of the assets located abroad.
Thus, the current decree specifies that taking into account the current events caused by the global spread of the pandemic generated by the coronavirus that led to the extension of the public health emergency and other measures dictated as a result, it is appropriate to establish a postponement with respect to the 2019 fiscal period, until April 30, inclusive, of this year of the rules for repatriation of financial assets located abroad.
The text stresses that this extension will allow those responsible for the tax to have a longer period of time in order to evaluate, analyse and adopt the decision they deem most appropriate, and will allow the professionals involved to have an additional period of time to carry out all the tasks related to it.
It is clarified that the repatriation benefit applies only to the extent that these funds remain deposited in an account opened in the name of its holder in banking entities until December 31, inclusive, of the calendar year in which their deposit was verified.
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