This Wednesday the Executive Branch sent to Congress a money laundering project that will be aimed at individuals, undivided estates and companies, in accordance with article 53 of the Income Tax Law.
If approved, the regulation allows externalizing possession of national and/or foreign currency in the country and/or abroad, financial assets, real estate, movable property and other assets in the country and/or abroad (including credits). The laundering initiative had already circulated as a possibility for the Executive Branch while it was negotiating an agreement for the exchange of tax information with the United States.
The bill provides for the creation of the special regime “Voluntary Declaration of Non-Externalized Argentine Savings”. Individuals, undivided successions and companies (subjects included in article 53 of the Income Tax Law) will be affected.
The rates will be applicable for the externalization of the country’s and foreign assets when there is repatriation applicable to the amount externalized at the Banco Nación exchange rate.
The applicable rates will be 5% from the entry into force and until the period of 120 calendar days after the start of the laundering; 10% for the goods declared from the expiration of the period of the previous point and until the period of 120 days has elapsed; and 20%, for the assets declared from the expiration of the second term and until the term of 120 calendar days has elapsed.
Likewise, the applicable rates for the externalization of foreign assets will be increased in the event that there is no repatriation.