The national government presented the bill that it will send to Congress to tax the unexpected income of those companies that register extraordinary profits derived from the global impact of the war in Ukraine. The objective is to avoid a regressive redistribution of income and for the State to reallocate it.

The bill provides for the creation of an excess rate of 15% of the Income Tax on Capital Companies applicable to fiscal year 2022 for companies that register a Net Taxable Income or Accounting Income of more than $1,000 million.

The rate will consider the Net Taxable Income that has grown in real terms and that meets a profit margin (accounting profit on income) in 2022 greater than 10%, or an increase in the profit margin in relation to 2021 of at least 20 %.

Regarding its validity, it was explained that it will be applied to companies that meet the conditions defined according to balance sheets completed after the sanction of the law and for one year from that date.

Source: Telam