Revenue clarified that the same valuations of the second quarter will apply in the Automotive sector.
The taxpayers of the estate taxes will find a 30% increase in the Real Estate bill that the General Directorate of Revenue will distribute starting in July. The Ministry of Economy ordered a readjustment in property valuations, within the framework of the legislation modified at the end of last year. Although in the previous readjustment the increase was also applied to the Automotive and Vehicle tax, the provincial body clarified that, between July and September, it has been decided to maintain the same values in force in the second quarter of this year.
The decrees, signed by the lieutenant governor in charge of the Executive Branch Michael Acevedoand by the Minister of Economy, Daniel Abad, establish that the increase will operate for the third quarter of the year. The only way to avoid this revaluation is for that taxpayer to have paid all of this year’s positions in advance, an opportunity that the Government had granted at the end of 2023.
The Tax Law (8,467) authorizes the General Directorate of Revenue to adjust the valuations determined for vehicles on a quarterly basis, based on the value set by the National Directorate of the National Registries of Automotive Property and Pledge Credits or the corresponding Agency. to the penultimate previous month of the calendar quarter in question. In the event that this federal agency has not established, Revenue has the power to establish the new values “based on objective parameters.” In the second quarter, a 35% increase had been arranged, with a variable effect, taking into account the type of vehicle, its age and the range it represents.
In the case of the increase in the Real Estate tax, the power that the Provincial Cadastre Directorate has to update the values of the 450,000 urban and interurban plots registered in that official distribution is taken into account. The Province adopted the same percentage as that of the Automobile, under the argument that the tax values of the homes are well below the market price.
At the end of last year, the Executive Branch promoted the modification of the tax law, so that the updates of property taxes are no longer annual and are reviewed quarterly. Thus, real estate has accumulated a rise of 65% in the second and now in the third quarter of the year. At the beginning of his administration, Governor Osvaldo Jaldo had ordered the updating of the tax valuations of properties of between 70% and 98%, taking as the basis for updating the Consumer Price Index of this city and the Cost Index of the Construction of the National Institute of Statistics and Censuses (Indec) and the Argentine Chamber of Construction. In the case of rural plots it was an average of 85%. On that occasion, the Minister of Economy, Daniel Abad, had clarified that it was not a huge tax, but rather a principle of tax equity, taking into account the taxable capacity of the owners of the homes and land.
Among other modifications, the Government granted Revenue the power to apply revaluations of trades “when the prices of real estate that appear in the sales tickets and/or deeds are noticeably lower than those in force at the time of their sale.”
