Digital Nomad
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AFIP just announced conditions for the tax amnesty to get undeclared funds back into Argentina. Conditions are below:
AFIP REGULATED THE TAX AMNESTY (ASSET REGULARIZATION REGIME)
● Those who regularize up to US$100,000 will not pay any tax
● Any amount may be regularized at no cost, if the money is not withdrawn from the financial system before December 31, 2025 or invested in authorized assets.
● Non-residents can also externalize assets.
This measure is aimed at both residents in the country and all Argentines who moved their tax residence to another country, and today can decide to return under this process.
It is possible to regularize any amount at no cost, if the money is kept in the financial system until December 31, 2025, or invested in some of the placements authorized by the Ministry of Economy.
Those who regularize any type of assets or possessions for a value of up to US$100,000 will also not be subject to paying taxes.
It is important to note that the sooner you enter the regime, the lower the rate to pay will be. The aliquots are divided into 3 stages:
● Stage 1: until September 30, 2024, a 5% rate is paid on the amount exceeding US$ 100,000.
● Stage 2: until December 31, 2024, the rate is 10%.
● Stage 3: until March 31, 2025, the rate amounts to 15%.
A novelty is that human persons who have lost tax residence before December 31, 2023 can join the regime. By joining the tax amnesty, these people will acquire residence again as of January 1, 2024.
The rule also regulates the possibility of advancing the payment of Personal Assets from 2023 to 2027 with a rate of 0.45% per year, which benefits the taxpayer by being exempt from submitting the sworn declaration until 2028 and by achieving fiscal stability (higher rates cannot be collected during that period on your assets).
To facilitate externalization, adherence to the regime will be manifested by paying 75% of the corresponding tax according to the assets to be included, and then (there is an additional month after each stage) the taxpayer will present the sworn declaration with the details of said assets and will pay the remaining 25%.
The assets that can be externalized are those in the hands of the taxpayer (ownership, possession or custody) as of 12/31/2023, which will be accredited in the sworn statement attaching the proof of ownership and valuation of the same as of said date.
In the case of externalizing cash, it must be deposited in a Special Asset Regularization Account, and as long as they are kept in that account, there is no tax to pay. However, funds that are not transferred to these accounts will be taxed. The cash must be regularized within the first stage, until September 30, 2024.
Another novel aspect is that in the case of detecting assets that were not externalized, the taxpayer will be deprived of the benefits of tax amnesty solely for that asset.
Other benefits:
● It is the last opportunity until 2038. The law on Palliative and Relevant Fiscal Measures establishes that those who adhere to this tax amnesty will not be able to register in other similar regimes until December 31, 2038.
● You are freed from any civil action and for tax, exchange, customs and administrative infractions.
● Extinguishes criminal action, except for those initiated by individuals who have been harmed.
● The presumptions of unjustified capital increase will not be applied.
Benefits for compliers: The regulations provide for a 0.5% reduction in the personal property tax rate for the periods 2023, 2024, and 2025 for those taxpayers who have complied with their declarations and payments in 2020, 2021, and 2022.
AFIP REGULATED THE TAX AMNESTY (ASSET REGULARIZATION REGIME)
● Those who regularize up to US$100,000 will not pay any tax
● Any amount may be regularized at no cost, if the money is not withdrawn from the financial system before December 31, 2025 or invested in authorized assets.
● Non-residents can also externalize assets.
This measure is aimed at both residents in the country and all Argentines who moved their tax residence to another country, and today can decide to return under this process.
It is possible to regularize any amount at no cost, if the money is kept in the financial system until December 31, 2025, or invested in some of the placements authorized by the Ministry of Economy.
Those who regularize any type of assets or possessions for a value of up to US$100,000 will also not be subject to paying taxes.
It is important to note that the sooner you enter the regime, the lower the rate to pay will be. The aliquots are divided into 3 stages:
● Stage 1: until September 30, 2024, a 5% rate is paid on the amount exceeding US$ 100,000.
● Stage 2: until December 31, 2024, the rate is 10%.
● Stage 3: until March 31, 2025, the rate amounts to 15%.
A novelty is that human persons who have lost tax residence before December 31, 2023 can join the regime. By joining the tax amnesty, these people will acquire residence again as of January 1, 2024.
The rule also regulates the possibility of advancing the payment of Personal Assets from 2023 to 2027 with a rate of 0.45% per year, which benefits the taxpayer by being exempt from submitting the sworn declaration until 2028 and by achieving fiscal stability (higher rates cannot be collected during that period on your assets).
To facilitate externalization, adherence to the regime will be manifested by paying 75% of the corresponding tax according to the assets to be included, and then (there is an additional month after each stage) the taxpayer will present the sworn declaration with the details of said assets and will pay the remaining 25%.
The assets that can be externalized are those in the hands of the taxpayer (ownership, possession or custody) as of 12/31/2023, which will be accredited in the sworn statement attaching the proof of ownership and valuation of the same as of said date.
In the case of externalizing cash, it must be deposited in a Special Asset Regularization Account, and as long as they are kept in that account, there is no tax to pay. However, funds that are not transferred to these accounts will be taxed. The cash must be regularized within the first stage, until September 30, 2024.
Another novel aspect is that in the case of detecting assets that were not externalized, the taxpayer will be deprived of the benefits of tax amnesty solely for that asset.
Other benefits:
● It is the last opportunity until 2038. The law on Palliative and Relevant Fiscal Measures establishes that those who adhere to this tax amnesty will not be able to register in other similar regimes until December 31, 2038.
● You are freed from any civil action and for tax, exchange, customs and administrative infractions.
● Extinguishes criminal action, except for those initiated by individuals who have been harmed.
● The presumptions of unjustified capital increase will not be applied.
Benefits for compliers: The regulations provide for a 0.5% reduction in the personal property tax rate for the periods 2023, 2024, and 2025 for those taxpayers who have complied with their declarations and payments in 2020, 2021, and 2022.
