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Money laundering to build: tax advantages and deadlines to enter

2021-02-25T14:52:17.807Z


The law was approved that grants great tax incentives for those who channel their savings into investments to build. Who can enter the system and what to do with the declared funds.


02/25/2021 11:34 AM

  • Clarín.com

  • Economy

Updated 02/25/2021 11:38 AM

Congress approved the construction promotion law on Wednesday, which includes

tax cuts and the possibility of laundering money if it is used for investment in the sector

.

The law was approved in the Senate by 62 votes in favor and none against, and now the only thing missing is the Executive's regulation.

Here is a point by point on who can enter the system and what tax benefits they will get.

To access the benefits,

the interested parties must invest in the construction of any type of new or advanced private work up to 50%.

The Minister of Economy Martín Guzmán highlighted its approval in the Senate and consequent sanction of the law and assured that "investments in new construction will be

exempted from the payment of the Personal Property tax for two years

, and

will obtain a tax credit equal to 1% of the disbursement ".


Who can enter and what can be declared

According to article 6, "human persons, undivided estates and subjects established in article 53 of the Income Tax Law (that is, the different types of companies formed in the country)" will be included, who may "

Declare voluntarily before the AFIP the possession of foreign currency and / or national currency in the country and abroad

, within a period that will extend

from the date of entry into force of this law and until the period of 120 days run since that date

, both dates included, ”explains the project.

Terms and aliquots

Laundering will have times and special tax rates

different from those originally presented by the Ministry of Economy.

For example,

the term to join was modified, which will go from 90 to 120 days, as the limit to enter

.

According to bleaching date:

  • 5% during the first 60 days after the law is approved.

  • 10% after 90 days.


  • 20% after 120 days.


The tax must be determined and entered in the form, term and conditions established by the collecting body in a regulation that will be drawn up later.

What to do with declared funds

As stipulated in article 7, "the funds included in the voluntary declaration of foreign currency and / or national currency

must be deposited in a 'Special Deposit and Cancellation Account for Argentine Construction' (CECON.Ar) in any of the entities

included in the regime of Law No. 21,526 and its modifications, in the form and within the terms established by the AFIP and the Central Bank ".

Until the definitive investment in a construction project, whoever enters the externalization will be able to allocate the funds "

temporarily to the purchase of national public titles and immediately invested

" towards the chosen work.

Scope of bleaching

Article 11 explains that those who enter the externalization

"will not be obliged to inform the AFIP (...) the date of purchase

of the holdings or the origin of the funds with which they were acquired."

In addition, they will be released from

“all civil, commercial, criminal tax, foreign exchange penalties, customs penalties and administrative offenses that may correspond

.

Finally, they will be exempt from paying income tax, VAT, internal taxes and Personal Assets charges, among others.

Exchange rate

According to Article 9, "for the valuation of foreign currency, the buyer exchange rate of Banco Nación that corresponds to the date of entry to the special account mentioned there must be considered," he explains.

Tax benefits

The Government will not collect the Personal Assets tax

“on the value of investments in investment projects made until December 31, 2022, inclusive, from the fiscal period in which the investment is made and until the one in which the completion occurs. of the real estate project, its adjudication or the alienation of the right and / or the participation originated by reason of that, whichever occurs in the first place, up to a maximum term of two (2) fiscal periods ”, said the measure.

On the other hand, it also plans to give a tax credit to compute against the Personal Property Tax that will equal 1% of the investments made in construction.

In addition, the owners of real estate or rights over real estate, will enjoy deferral of the payment of the Tax on the Transfer of Real Estate of Individuals and Undivided Successions.

In addition, the payment of the ITI or Income Tax may be deferred, as appropriate for holders of real estate or property rights, "when the corresponding taxable event is configured, whose main purpose is financing, investment and / or the development of real estate or infrastructure projects until December 31, 2022 ", he specified.


Who will not be able to join

Those people who from 2010 onwards have held the positions of president and vice president of the Nation, governor, vice-governor, chief or vice-chief of government of the City of Buenos Aires or municipal mayor, senator or national, provincial or deputy may not participate in the money laundering. the City, or municipal councilor, or Mercosur Parliamentarian, judges of the national, provincial, municipal or City Judicial Power, magistrates of the national, provincial, municipal Public Ministry, ambassadors, consuls, personnel of the armed or security forces, rectors , deans or secretaries of any university, official or employee with a category or function not inferior to that of national director or equivalent, legislative or intelligence services personnel, among others.

SN

Source: clarin

All business articles on 2021-02-25

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