The Chamber of Deputies generally approved the fiscal package that the Executive Branch attached to the Bases Law, which obtained its half-sanction this Tuesday. In the vote in particular, the initiative of a broad moratorium of tax debts was approved by 142 votes affirmatives against 102 negative. He Whitening of assets, for its part, was backed with 131 wills against 117 deputies for the refusal.
Money laundering was one of the measures most discussed by the opposition blocs. During the particular discussion, the deputy Carlos Heller (UxP) demanded to change the exclusion limit year for former officials. The norm establishes it for five years and the opposition legislator asked that it be modified up to 10 years to contemplate those who made up the Cambiemos government. The reporting member José Luis Espert discarded the modification.
Laundering establishes that For assets of up to USD 100,000, no rate will be applied, that is, laundering would be free of charge up to that amount. For amounts that exceed USD 100,000, the project proposes progressive rates of 5%, 10% and 15%, depending on the moment in which taxpayers decide to join the regime. These rates will vary in three specific stages, designed to encourage early adherence.
Also, Under certain conditions, a 0% rate may be paid when laundering amounts greater than USD 100,000. To do this, the externalized money will have to be deposited in a special bank account and leaving the money until December 31, 2025. They may also be included in that free bleaching those who use the externalized money to make a series of investments that will be determined by the Ministry of Economy.
At the Treasury Palace they choose not to risk how much the amount of funds that could go into laundering could be. The Congressional Budget Office (CBO) was also unable to establish a definitive estimation method. “There are no elements to draw a probable scenario of amounts involved in the Regularization Regime, the stage of entry into it and the effective rates paid,” mentioned that organization directed by the economist. Gabriel Esterelles.
“As a reference, according to information timely disseminated by the Ministry of Economy of the Nation4, the total assets disclosed within the framework of the Fiscal Fairness Regime launched through Law 27,260 and previously reviewed amounted to USD 116.8 billion, of which a total of USD 93.3 billion corresponded to assets located abroad. This level of honesty led to a collection of $148.6 billion (1.8% of GDP 2016, the year the Regime was launched)”, the OPC recapitulated.
In the case of goods being processed in Argentina, the following must be declared:
- Cash, either in pesos or dollars.
- Estate. Its acquisition value, its tax value or its minimum value (whichever is higher) must be considered.
- Shares, quotas and participation in companies, rights of beneficiaries of trusts or shares of common investment funds.
- Securities, including, without limitation, shares, bonds, negotiable obligations, custody deposit certificates, fund shares and other similar securities, listed on stock exchanges or markets regulated by the National Securities Commission.
- Credits of any type or nature.
- Rights and other intangible assets not included in previous paragraphs
In the case of goods abroad, the following must be declared:
- Money in cash or deposited in bank accounts.
- Estate
- Shares, quotas and any type of participation right in companies, corporations, entities or vehicles of any nature and the rights of beneficiaries of trusts or other types of assets with similar assets.
- Securities, including, without limitation, shares, bonds, negotiable obligations, custody deposit certificates, fund shares and other similar securities, listed on foreign exchanges or markets.
- Other personal property of any type located outside Argentina.
- Credits of any type or nature, when the debtor of said credits is not an Argentine resident under the rules of the Income Tax Law.
- Rights and other intangible assets not included in previous sections.
- Cryptocurrencies, cryptoassets and other similar assets, regardless of who was their issuer, who is their owner or where they were deposited, guarded or stored.
This article involves the voluntary payment of various obligations due on March 31, 2024, inclusive, and provides for a duration of 150 calendar days from the date of entry into force. There will be different benefits depending on the type of membership and depending on what type of debt is to be declared.
The payments owed that cannot be included are contributions to social works, to occupational risk insurers and contributions and contributions to Social Security of staff in private homes.
The project establishes the payment scheme for cases that choose to regularize their obligations through a payment facility scheme, and the forgiveness of 100% of the fines applied.
“The bill provides for a forgiveness of 30% of the compensatory and punitive interest accrued to the date of original consolidation, and regularization through the first three planned schemes, with the corresponding forgiveness of interest for those accrued from the original consolidation date. The benefit of 100% forgiveness of the fines applied is also applied in these cases,” indicated an OPC report.
