Thursday, June 1, 2023

The government sent the money laundering law to Congress, which it agreed upon with the United States

The proposal was called “Voluntary Declaration of Non-External Argentine Savings” and included individuals, undivided estates and companies.

Driven by the decline in reserves, the government hurriedly sent a new money laundering project to Congress, based on the agreement that Economy Minister Sergio Massa had signed with the United States to move forward in the exchange of financial information. has been closed.

The proposal, which contains a total of 37 articles, was called “Voluntary Declaration of Non-External Argentine Savings” and entered the Chamber of Deputies this Wednesday.

In particular, the initiative “Voluntary Declaration of Non-External Argentine Savings” encourages the creation of special regimes and extends to individuals, undivided estates and companies (subject covered in Article 53 of the Income Tax Law).

Covered assets include national and/or foreign currency, financial assets, immovable property, movable property and other assets (including credits) in the country and/or abroad.

Similarly, different applicable rates are established for repatriation of assets from home and abroad, when repatriation is applied to the foreign amount at the BNA exchange rate. They vary from 5% from entry into force and increase to 10% until a period of 120 calendar days has elapsed if that period has not been exceeded until four months have elapsed, and reaches 20% when the delay is extended for another 120 calendar days.

Further, when there is no repatriation, the rates applicable for alienation of foreign assets are increased. At this point, it was specified that repatriation of assets would be deemed “when the amount entered the country through possession in foreign currency and the amount generated by the financial assets constitute at least a percentage to be determined by the rules of the total”. represents. The value of the property abroad has been declared but it cannot be less than 10%”.

In accordance with the provisions of the project, a simplified regime will also be created with a special rate of 1.5% applicable to persons holding national and/or foreign currency and the amount shall not exceed 35% of the annual income. Last 3 financial periods and with a limit of up to U$D 50 thousand.

In order to reach this simplified regime, even voluntary expressions of possession of national currency or foreign currency would require only informative affidavits that account for external amounts, while only taxpayers reached by so-called Solidarity contributions are excluded.

Among the benefits promoted by this new government anti-laundering, it is underlined that undue wealth enhancement will not be considered for declared assets, and the subjects covered are all civil, commercial, tax criminal, exchange criminal, customs criminal and infringement actions. are free from Administrative procedures that may correspond to the declared assets. But, in addition, they are exempted from payment of income tax as well as other internal taxes like personal property.

For the avoidance of doubt, officials who have served in public administration between January 1, 2010 and the effective date of the law are exempted from this laundering. This restriction also applies to their spouses, cohabitants, parents and children.

Nor can they access the program who were declared insolvent without the possibility of continuing exploitation, such as those convicted of crimes against noncompliance with taxes to the extent that there is a final conviction and the sentence has not been completed.

Based on this law, a cooperation agreement is established for all this so that AFIP can obtain information and trace and trace undeclared assets both at home and abroad.

Strictly speaking, this money laundering is part of an agreement that Minister Massa signed with the United States for the distribution of financial information, which allows the country to have access to the activities of Argentine accounts in that country from September 2021. will allow.

Prior to the signing of the agreement with Ambassador Mark Stanley, which took place in December last year, Massa announced that a review of money laundering carried out by the Cambimos management during 2016 and 2017 was also included.

Nation World News Desk
Nation World News Desk
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