The National Congress will deal with the draft “Law for the Externalization of Argentine Savings” in the coming months, but it will be conditioned by prioritizing the electoral calendar. The initiative of the Chamber of Deputies sent a modified proposal to the one exposed a few months ago.

The new project eliminated the figure of the “collaborator” or “repentant”, which granted benefits to those who collaborated in the detection of tax noncompliance. In addition, the inclusion of people convicted of crimes against humanity was prohibited.

Laundering would allow Parliament to enter individuals, undivided estates and companies with assets and financial assets not declared to the tax authorities with an increasing rate as the terms run. With these conditions, it will be possible to present cash in national and foreign currency in the country and abroad, financial assets in the country and abroad including crypto assets, real estate in the country and abroad, furniture and goods in the country and abroad.

In each case, the rates to be paid will be 5% from the entry into force and up to 120 calendar days, 10% for assets declared from the expiration of the previous term and until the 120-day term has elapsed, and 20%, for goods declared from the expiration of the second term and until the term of 120 calendar days has elapsed.

On the other hand, goods not laundered and detected abroad will pay a rate of 7.5% in the first 120 days after the law is enacted, 12.5% ​​from the expiration of the previous term and up to 120 days, and from that date for another 120 calendar days will be 22.5%.

For those identities that declare possession of an amount of national or foreign currency and this does not exceed 35% of the average annual income of the last three years or a maximum of up to 50,000 dollars, they will have a special rate of 1.5%. In the event that income has not been declared to the tax agency in the last three years, the amount that is externalized must not exceed $50,000 or an equivalent amount.

Finally, the cash in the country to be laundered, both in national or foreign currency, must be deposited in a special “Cuenta Ahorro Argentino” account opened in a commercial bank.