Regularisation of Assets - Whitewash 2024 - General Aspects.
Law 27.743 establishes a new Asset Regularisation regime for the year 2024, also known as ‘Blanqueo 2024’. This regime is designed to allow taxpayers to declare unregistered assets both in Argentina and abroad, with significant tax benefits.
Subjects Covered
- Residents in Argentina as of 31-12-2023: Includes individuals, undivided estates and other legal entities.
- Non-residents as of 31-12-2023: Those who were previously tax residents.
o Note: Non-residents who opt for this regime will become tax residents again as from 1 January 2024.
Excluded Subjects
- Civil officials in the last 10 years.
- Direct relatives of public officials.
- Other specific subjects according to Art. 41 of Law 27.743 (such as bankrupt or convicted persons).
Reached Assets
- Assets in Argentina and abroad, such as:
o National or foreign currency.
o Real estate.
o Shares, participations in companies, crypto-assets, among others.
Deadlines and Stages
- Adhesion Period: Until March 31, 2025, extendable until July 31, 2025.
- Regularisation Stages:
o Stage 1: 5% of aliquot.
o Stage 2: 10% of aliquot.
o Stage 3: 15% tax rate.
o Note: Cash can only be included in the Stage.
- Important: The deadline to regularise cash is 30 September, and less than 100,000 usd is FREE.
Regularisation Procedure
- Manifestation of adhesion.
- Mandatory advance payment (75% of the tax).
- Submission of a sworn declaration.
- Payment of the Special Tax (25% of the tax).
Taxable Base and Valuations
- The taxable base will be calculated exceptionally in US dollars, with a conversion of $1,000 per dollar.
- Assets will be valued in US dollars according to their type (cash, real estate, crypto-assets, etc.).
Benefits of the Regulation
- Release from civil and criminal action: For tax, exchange and customs offences on foreign assets.
- Tax Blocking: Foreign assets will not be considered for the calculation of past taxes.
Special cases and exclusions
- Assets deposited abroad must be transferred to special accounts in Argentina to be excluded from the tax base.
- There are special benefits for the use of the foreign money in authorised investments.
This regulation offers an opportunity to regularise undeclared assets with significant tax benefits, provided that the established requirements and deadlines are met.
