The Federal Public Revenue Administration (AFIP) announced on Thursday (30.01.2020) the implementation of a moratorium for micro, small and medium-sized enterprises (MSMEs). Enrollment in the regime can be done until April 30, 2020.
Companies interested in accessing this debt relief mechanism must register through the site AFIP websiteThe application will be available from February 17. Monotributistas and self-employed workers will also be able to access the moratorium. In all cases, individuals and legal entities that decide to benefit from the plan must have the Mipyme Certificate granted by the Ministry of Productive Development.
In turn, the AFIP regulations provide that non-profit entities such as cooperatives, consortiums of owners and neighborhood clubs may access the system. To do so, they must prove their legal status to the agency.
The moratorium is one of the tools provided for in the Law on Social Solidarity and Productive Reactivation to address the difficult situation faced by small businesses, self-employed individuals and non-profit entities.
The initiative offers special treatment for debts accumulated over the last few years as a result of the process of productive paralysis and the imposition of prohibitive conditions for access to credit.
AFIP statistics show that 2015 companies closed between 2019 and 24.505. The sector most affected during this period was that of SMEs: employers with up to 10 employees account for 91% of the total number of companies affected by the crisis.
Given such a scenario, The moratorium allows a taxpayer to refinance all tax, customs and social security debts in periods of up to 10 years and pay a single monthly fee.The initiative provides for partial forgiveness of interest and total forgiveness of fines.
The most relevant difference with respect to the plans launched in the last twenty years is that the new moratorium designed by the AFIP gives SMEs a time window until mid-July to recover and begin paying from that moment on.
The regulations establish incentives to promote early entry into the plan so that companies, self-employed workers and non-profit entities that join more quickly will have greater benefits (those who join in February and March will have lower advance payments and a longer waiting period).
The Argentine State's efforts to support the reactivation of MSMEs are very significant. Companies that enter the moratorium will benefit from an average reduction of 42% of their total debts with the AFIP.
Main features of the 2020 Moratorium Plan
● Access will be possible between February 17 and April 30.
● Up to 120 installments for tax and customs obligations (up to 60 installments for contributions and withholdings).
● Partial forgiveness of interest and total forgiveness of fines.
● Fixed monthly rate of 3% for one year and then a variable rate thereafter.
● It allows the use of all approved and pending payment refunds that a taxpayer has in favor at AFIP to subtract them from the debt.
● It allows reformulating all current or expired payment facility plans into a single installment (the benefits for taxpayers will be less than for other companies).
● Debt due up to November 30, 2019 can be included
● Lifting of embargoes and suspension of criminal prosecution.
● It is necessary to have the MSME Certificate issued by the Ministry of Productive Development. The document can be obtained until April 30.
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