The Federal Public Revenue Administration (AFIP) established that at the beginning of July the application will be available so that companies and individuals can upload the assets they consider in the tax revaluation. The procedure will be carried out 100% online through the website of the AFIP.
The deadline was set through the General Resolution 4249/2018 published this Monday (28.5.2018) in the Official Gazette. The sworn declaration and determination of the tax will be made within the “Tax Revaluation” service, which is accessed with Tax Code.
It is worth noting that the tax revaluation gives companies or individuals the possibility of adjusting the fiscal value of their assets. SMEs are the main beneficiaries since they have a maximum of 10 installments to pay the cost of the “Special Tax”.
For larger companies or individuals, the AFIP grants up to a maximum of 5 installments.
The revaluation allows the presentation of assets according to balance sheets in accordance with market values, which will bring them closer to the possibility of obtaining more and better loans.
In this way, those who keep accounting records will be able, for one time only, to revalue for tax purposes the assets included in their assets using the following measurement mechanisms:
- 15% for real estate that is exchangeable,
- 8% for the rest of the real estate,
- 5% for shares, social quotas and
- 10% for the rest of the revalued assets.
It should be noted that the assets declared in the Tax Declaration cannot be revalued.
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