The National Budget project for 2023 authorizes new destinations for the funds that are externalized in the framework of construction laundering, such as using undeclared dollars for the purchase of used real estate and paying for imports. Thus, the initiative incorporates two articles related to the funds that are laundered under Law No. 27,613 -Incentive for Argentine Investment, Construction and Production- enacted on August 22 last.

Article 71 stipulates that the declared funds may also be used for the acquisition of a used property, when so far only new units or units under construction can be purchased.

In this case, the purchase of used properties It must be destined for the home of the person who launders and his family or, for a period of not less than 10 years, for rent with the exclusive destination of a house-room. A taxpayer could have other real estate and buy one used to live in and thus benefit from money laundering.

In addition, the purchase of the property must be equal to or less than twice the non-taxable minimum of the Personal Property Tax for real estate destined for a house-room as of December 31 of the fiscal period immediately prior to that of the acquisition, according to the project.

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Another of the articles, 72, will allow the use of undeclared dollars to bring merchandise from abroad into the country, something that until now only the construction industry has, due to money laundering.

The project creates the “Argentine Investment and Production Incentive Regime” through which residents in Argentina will be able to launder dollars in the country and abroad for one year only to pay for imports for consumption, including services for production processes.

The funds must be deposited in a Special Deposit and Cancellation Account for Argentine Investment and Production in the manner and within the terms established by the AFIP and the Central Bank. The tax they must pay is similar to the one established for construction.

Source: Argentine News