The analysis refers to a set of sections that create a new regime for the regularization of assets, modifies the Wealth Tax and the Internal Taxes on cigarettes.
- The proposed regularization, for residents and non-residents, would allow formalizing of assets up to USD100,000 without being taxed and, starting from that base, it provides for a tax to be settled in U.S. dollars.
- If the “laundering” is of cash transferred to the Special Account for the Regularization of Assets, the tax will not apply.
- The amount collected under the Asset Regularization Regime does not have a specific allocation, so its revenue would be shareable with the provinces.
- It creates the Special Income Regime for Wealth Tax, establishing a scheme for the advance payment of five fiscal years.
- The tables applicable to the Wealth Tax for assets in Argentina and abroad are unified and the maximum tax rate is reduced by 30%. In the future, a single rate of 0.5% will apply.
- With the same stock of taxable assets in 2023, the collection in terms of GDP would drop from 0.68 to 0.19% over the next five fiscal years.
- The ad valorem tax rate on cigarettes is increased by 4.29% (from 70% to 73%), and the minimum tax is eliminated.