In the hunt for dollars, the government took a new step today by sending a new bill on money laundering to Congress. It is part of the deal Sergio Massa’s team has been working on with the US since last year.
key points of the project
- Creation of the special regime “Voluntary declaration of non-external Argentine savings”.
- Subjects affected are: Individuals, undivided heirs and companies (subjects included in section 53 of the Income-tax Act).
- Included assets are: possession of national and/or foreign currency in the country and/or abroad, financial assets, real estate, personal property and other assets (including credits) in the country and/or abroad.
- With regard to the regime of rates for repatriation of assets from home and abroad when repatriation is carried out on foreign amounts at the exchange rate, BNA applies: 5%, from entry into force and until the expiry of a period of 120 calendar days; 10%, for assets declared from the end of the period of the previous point and up to the end of a period of 120 calendar days and 20%, for assets declared from the end of the period of the previous point and up to the end of a period of 120 calendar days.
- When there is no repatriation, the rates are raised.
- Repatriation of assets is deemed to occur when the amount entered into the country in the form of possession in foreign currency and the amount generated by financial assets represents at least one per cent to be determined by regulations of the total value of assets declared abroad ; Which cannot be less than ten percent (10%).
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- A simplified regime has been established with a special rate of 1.5% applicable to persons holding national and/or foreign currency and the amount does not exceed thirty five percent (35%) of the average annual income of the last 3 financial periods and 50 thousand With a limit of up to USD.
- To make use of the simplified regime, voluntary declaration of possession of national currency or foreign currency would require the preparation of a purely informational affidavit accounting for the amount expropriated.
- Only those taxpayers covered by the Solidarity contribution are excluded from the simplified regime (taxpayers with high contribution potential are excluded).
- Among the advantages of those who comply with money laundering, it is stipulated that assets that are not justified by the declared assets will not be considered; The subjects covered are free from all civil, commercial, criminal tax, foreign exchange criminal, customs criminal and administrative encumbrances that may correspond to the declared goods.
- In addition, the subjects are exempted from the following taxes that they would have omitted to declare: income tax, internal and value added tax and personal property tax and special contributions of cooperatives.
- It establishes that public officials and their immediate family members are excluded.
- People who held public functions between January 1, 2010 and the effective date of this law, as well as their spouses, cohabitants, parents and children, are excluded.
- Furthermore, subjects declared in a state of bankruptcy without the possibility of continuing exploitation are excluded, as well as those convicted of offenses against tax compliance to the extent that the conviction is final and the punishment has not been served. ,
- With regard to the cooperation agreement with FATCA of the United States, it details that it will be to obtain information, trace and trace undeclared assets both at home and abroad.
