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Bleaching and moratorium. Regulation
The National Executive Power has regulated the bleaching, the moratorium, the benefit for compliant taxpayers and the tax modifications provided by Law No. 27,260. Here are the main guidelines:
- When goods that are in the possession or in the name of the spouse, ascending and descending in the first or second degree of consanguinity or affinity, are exteriorized, it will not be obligatory that said relatives have residence or domicile in the country.
- Operations aimed at registering third party assets in the name of the declarant will not generate any lien and will not be burdensome for tax purposes. They will also be exempted from the duties of information by the AFIP.
- It is clarified that the valuation of foreign currency assets and holdings constitutes, for all tax purposes, the value of incorporation into the declarant’s equity.
- Valuation guidelines are incorporated in cases of human persons and undivided successions that externalize assets that make up the assets of companies, trusts, foundations, associations or any other entity incorporated abroad. Likewise, it is clarified that the pre-existence date of the assets subject to the bleaching will be July 22, 2016.
- It is clarified that once the holdings and assets are externalized, insofar as they continue to integrate their assets, they must be informed for all tax purposes in the subsequent tax sworn declarations of the declarant.
- It is established that the total amount of the subscription of the bond in dollars at seven (7) years, entails the exemption from paying the special tax on an amount equivalent to that increased by two (2) times.
- Open accounts are exempt from tax on debits and credits for the purpose of being used exclusively to externalize holdings of national and / or foreign currency.
- Those obligations that are in the process of administrative discussion, administrative litigation or judicial in the areas of tax, tax, exchange and customs are considered to be included within the established releases.
- There will be no decline in the benefits of money bleaching when the AFIP detects holdings and non-outsourced assets for less than $ 305,000 or 1% of the total value of the assets outsourced, whichever is greater.
- The power of the Financial Information Unit (FIU) to supply information to other public entities is restricted only when there are serious indications of criminal offenses or terrorist financing, and it is also unable to communicate facts related to the criminal tax law, the foreign exchange criminal law and the customs law.
- The National Securities Commission (CNV) will regulate the investment guidelines of the mutual funds destined for different investment projects that make it possible to have bleaching at no cost when they are maintained for a period of 5 years.
- Obligations overdue as of May 31, 2016, that come from the rectification of sworn statements made after that date, and that are intended to externalize assets, may not be regularized.
- The moratorium may not be used to externalize possessions or assets.
- The exclusions related to public officials and their relatives are only applicable in relation to the bleaching of possessions and assets, but they are not applicable in relation to access to the moratorium.
3. BENEFITS FOR TAXPAYERS
- In order to enjoy the exemption from personal property tax for fiscal periods
- 2016, 2017 and 2018 and / or from the exemption in the income tax of the first installment of the SAC 2016, compliant taxpayers must have their tax obligations canceled for the 2014 and 2015 fiscal periods, either in cash or through their inclusion in the current payment plans, prior to July 22, 2016.
- Those subjects who present the sworn declaration of confirmation of data in order to enjoy the same benefits as the subjects who bleach assets, must have submitted the sworn declarations corresponding to the last fiscal year closed on December 31, 2015 prior to December 22, July 2016.
Report date: 08/01/2016
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