Specialists questioned some of the points of the project, which the Government expects to approve in extraordinary sessions this month
For iProfessional
01/08/2023 – 12:57 p.m.
While the ruling party is preparing to achieve a quorum that will allow the Chamber of Deputies to function in an extraordinary period, one of the projects that is going to be sent, that of laundering, began to be the object of analysis by specialists.
One of the main questions is that The Solidarity Contribution was not included among the obligations that the taxpayer who externalizes his savings would be released.
Laundering project: tax official states that the Solidarity Contribution is not contemplated
This was indicated by the professor of the University and of Buenos Aires, the tax officer Mario Volman, who warned that “Whoever launders existing assets as of December 18, 2020 is self-reporting and assumes a contingency that goes up to 5.25% of such assets for such tax plus interest, fines and perhaps a complaint of the criminal tax law.”
Its about Article 6 of the bill for the Externalization of Argentine Savings, whose text was known during this weekend.
There, in point 6 of the same, the taxes that are released “back” are listed for people who launder money that up to now have not been declared.
The article exempts from the payment of taxes of amounts omitted from Income Tax, Value Added Tax, Internal Taxes, and Tax on Personal Assets.
Reading the money laundering bill, in my opinion there are two big mistakes: https://t.co/iEIaWDepH2 releases the solidarity contribution.2. The tax relief is limited “only” in relation to the laundered amounts. If you want to regularize bank accounts, you have to… — Marcelo Badra (@MarceloBadra1) January 7, 2023
But no mention of Solidarity and Extraordinary Contribution to Moderate the Effects of the Pandemica tribute that was approved for the only time that passed on December 18 and was paid during 2020.
Among the explanations put forward by the ruling party at the time of the debate on that law, it was pointed out that It was a “contribution” from the richest sectors, but since its nature is not voluntary, it has all the characteristics of a tax.
Simplified Regime: another key point of the project
Another element of the law that was also criticized is the so-called Simplified Regime, so that individuals can externalize up to US$50,000 that appears in article 9.
Volman indicated that the project In reality, it proposes that in this way people will be able to externalize up to 35% of their average annual income of the last three fiscal periods.
“The income of the last three years had to be adjusted for inflation,” said the tax official who indicated that “The one who never declared anything can honestly state US$50,000 and is in a better situation than the one who has been declaring income, who can hardly regularize that figure.”
“They must be deposited in the ‘Cuenta Ahorro Argentino’. How and when will they be repaid? How?” Volman said.
The laundering project comes along with the information exchange agreement, which Massa agreed with the United States.
The keys to the laundering project
The new laundering comes hand in hand with the automatic exchange of financial information with the United States. The initiative that will be presented by the Minister of Economy, Sergio Massa, will have three sections with different costs for the taxpayer and will incorporate the figure of the collaborator. Clear guidelines will also be established for the family members of officials.
According to the text of the project, individuals, undivided estates and companies may adhere to the new laundering.
The regime will consider as assets included the possession of national and/or foreign currency in the country and/or abroad, financial assets, real estate, movable property and other assets in the country and/or abroad (including credits). .
The project establishes three sections with different costs and rates:
- 2.5%, from the entry into force until March 31, 2023.
- 5%, from April 1, 2023 to June 30, 2023.
- 7.5%, from July 1, 2023 to September 30, 2023.
The text of the initiative also establishes that the aliquots for foreign goods are doubled when there is no repatriation.
