JULY 18, 2024

Regulation of the Asset Regularization Regime (tax amnesty)

CIRCULARS

Tax Law department report | Regulation of the Asset Regularization Regime (tax amnesty)

On July 17, through General Resolution 5528/2024, the Federal Administration of Public Revenue issued the regulation for the Asset Regularization Regime, established by Law 27.743 on Palliative and Relevant Fiscal Measures.

The Resolution, consisting of 23 articles, regulates the procedure for regularizing assets, including the requirements, modalities for adhering to the Regime, the scope, and the formalities of calculating the special regularization tax, among other topics. The most relevant regulated issues are as follows:

– Non-resident Individuals

The regulation allows for the regularization of non-residents who were Argentine tax residents. As previously mentioned, adhering to the Regime implies the reacquisition of tax residency from January 1, 2024. This regulation establishes that, to adhere, these individuals must appoint a representative in accordance with Articles 6 and 7 of Law No. 11,683.

– Mandatory Advance Payment

The obligation to pay, with certain exceptions, 75% of the special regularization tax within the corresponding deadline for each adherence stage is confirmed. The advance payment must be made in US dollars via electronic funds transfer, unless circumstances permit payment in pesos.

– Tax Return

The expression of adherence to the Regime can be made from July 18, 2024, to March 31, 2025, inclusive. The tax return must identify the assets to be regularized by the taxpayer or responsible party. It will be available for submission according to the corresponding adherence stage, as follows:

The filing of the tax return will be completed with the payment of the tax.

– Taxable Base

The taxable base set in Argentine pesos must be converted to US dollars using the exchange rate established by Decree 608/24, which sets the rate at USD 1 = ARS 1,000. For assets valued in foreign currencies other than USD, the table published by AFIP should be used.

– Procedure for Reporting and Paying the Withheld Tax

A specific procedure for filing tax returns has been established. It should be noted that the due dates for filing the tax return and payment will be in accordance with General Resolution No. 2,111.

Enrique López Rivarola

Santiago Montezanti