CODIV - 19 - Tax Updates

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Tax Updates

Extension of the term to apply for the regularization regimen for Micro, Small and Medium-size companies

On Saturday March 28  2020, the Official Gazette published Decree 316/2020 which extended until June 30th 2020 the term to apply for the regularization regime for Micro, Small and Medium-size companies for tax obligations due as of November 30th 2019 and related penalties which was granted by Law 27,541. The original term for filing for this regime was April 30th 2020.

On April 1st, 2020, the Official Gazette published  General Resolution 4690/2020 issued by the Federal Tax Authority (AFIP) which regulated such extension. The Resolution, among other issues, maintains the criteria of prioritizing taxpayers who file first in the tax regularization regime. Those taxpayers will be able to pay a lower percentage of the debt as an initial payment and will have access to longer terms to regularize their situation. To apply for such benefits the taxpayers will have to make the initial payment before May 29, 2020.

 

Repatriation of assets

On April 1st, 2020 the Official Gazette published Decree 3030/2020 issued by the Executive Branch, extending until April 30th, 2020, the term to repatriate financial assets that represent at least 5% of the value of the assets the taxpayers have abroad, in order to be exempt from the increase in the rate of the Personal Assets Tax, on assets located outside the country. The original term for repatriation of funds was March 31st, 2020.

On April 2nd, 2020 the Official Gazette published  General Resolution 4191/2020 which extended until May 6th, 2020, the term for the advance payment of the Personal Asset Tax for the 2019 fiscal period for individuals and estates holding assets abroad. The original term  was April 1st, 2020.

Likewise, the aforementioned Resolution extends until May 6th, 2020 the term for requesting the exemption of the advance payment provided in article 4, paragraph a) of Resolution 4673/2020, for taxpayers who exercise the option of repatriation of financial assets.

 

Extension of suspension of terms. Tax Holiday

On April 2nd, 2020, the Federal Tax Authority (AFIP) published General Resolution 4692/2020 establishing the extension of the suspension of the terms (fiscal holiday) for the administrative proceedings before the AFIP related to the application, collection and audit of taxes under its scope as from April 1st through April 12th, 2020, under the terms of AFIP General Resolution 1,983.