The rate of profit that will fall on the financial income is 15% in dollars and 5% in pesos for investments that exceed $ 67,000.
The income tax rate that will fall on the financial income is 15% in dollars and 5% in pesos for investments higher than $ 67,000.
The AFIP must define whether there will be retention agents or not. Initially it was proposed that the banks and brokers were the withholding agents, but these were changed in the last days so that or by an affidavit of the individual.
If the investment fund is more than 75% integrated into shares in the country, securities representing the shares or certificates of deposit of shares listed on the stock market or markets of Argentina, it would be exempt from income tax.
The regulatory decree also entails a rule to prevent this percentage from being played (at least 75%) and to try to apply the exemption: the composition of the FCI can not be less than 30% of the minimum 75% (run or discontinuous) throughout the calendar year.
If these 30 days are exceeded by less than 75% in shares, representative securities or certificates of deposit, everything is taxed on the income tax. Of course there is a great difficulty for the CNV, who is in charge of oversight that the minimum of 75% will be maintained throughout the year.
Another issue that the regulation must define is to say what percentage (5% or 15%) the fund's performance would pay if it were taxed. If the revenue is in peso without an adjustment clause, 5% will apply. If it is in dollars or pesos with adjustment, 15%.
In short: if an FCI has assets in peso & # 39; s and dollars, what rate does it pay? In this respect, the Regulation will provide that if an FCI consists of at least 75% of an underlying principal (public securities of the country in peso without adjustment, presumption), the profit of that FCI will be the rate corresponding to that principal ( in the case of government bonds of the country in pesos without adjustment: 5% applies).
On the contrary, if this condition is not met to have a main asset in excess of 75%, the rate corresponding to the currency in which the FCI was issued will be applied. That is, if the shares of the FCI were issued in pesos without an adjustment clause: 5%. If they are issued in dollars or pesos with an adjustment clause: 15%.
The non-taxable minimum must be taken into account, since the law provides for a special deduction of which the tax of $ 67,000 starts to be paid. Only that value (and only of what that value exceeds) is paid for the tax in question.
Then the full text of the draft regulation:
Known the text, Iván Sasovsky, CEO of Sasovsky & Asociados, noted that "the regulation of income tax is a necessary tool for the configuration of legal security necessary for the formation of our tax system."
"There is no law without regulation and much less in tax matters, and less than less in the income tax, where a large part of unique and exclusive concepts of tax legislation are interpreted, the delay in his sanction is an attack that jeopardizes all the structure and predictability that the taxpayer needs to have a minimum of certainty ", Sasovsky insured.
"This new way of sharing the rules before they are sanctioned seems to me a good initiative from a practical point of view, but an abuse of taxpayers' trust, which can interfere with important aspects such as those at the time of their defense. the doctrine of own actions that enables the taxpayer to increase his need for certainty with this solidarity regulation I do not think it can be argued, "the expert warned.
"From a comparative perspective the tax reform is a law that is born dead, outdated and the title reform is too great, huge for perhaps the most announced and promoted patches in history in tax affairs, "Sasovsky concluded.
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