[World Tax News] Argentina Enacts New Tax Amnesty for Undeclared Assets and More
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- Last Updated on 17 June, 2023
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World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.
1. Argentina Enacts New Tax Amnesty for undeclared assets
The Argentine government has proposed a Draft Law in the Chamber of Deputies to implement a new tax amnesty system allowing individuals, undivided estates, and companies to disclose domestic and foreign assets voluntarily. The proposed legislation offers special tax rates to those who meet the necessary requirements and choose to reveal previously undeclared assets.
The prescribed tax rates are outlined as follows:
- 5% for assets disclosed within 120 days after the law takes effect.
- 10% for assets disclosed in the next 120 days (within a total of 240 days) after the law takes effect.
- 20% for assets disclosed in the next 120 days (within a total of 360 days) after the law takes effect.
For foreign assets, the tax rates escalate when repatriation cannot be verified, resulting in rates of 7.5%, 12.5%, and 22.5% if declared within the designated timeframes. When the taxpayers fulfil the necessary criteria and pay the specified special tax, they will be exempted from the taxes they failed to declare and relieved of any associated civil, commercial, criminal, foreign exchange, customs, and administrative sanctions.
Source: Draft Law 84/2023
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