Afip extended the payment on account for Personal Assets abroad

The Federal Administration of Public Revenue (Afip) extended until May 6 the maximum term to make the payment on account of the Personal Property Tax for human persons who have assets abroad subject to the tax corresponding to 2019.

The decision adapts the body’s regulations to the new term for the repatriation of financial assets located abroad provided for in Decree 330/2020, published in the Official bulletin.

“With the aim of giving those responsible for the tax a longer period of time to evaluate, analyze and adopt the decision they deem most convenient, the Government extended until April 30 the deadline for entering assets into the local financial system” , indicated the organism.

The General Resolution of the Afip does not modify the aliquot scheme for the advance.

The amount to be paid is determined as a percentage that is between 0.1 and 0.5 percent of the total assets declared abroad.

Payment on account cannot be offset against freely available balances.

Taxpayers who make repatriation and maintain the amounts deposited until the end of the year will be exempt from the payment on account and, therefore, they will not have to pay the differential aliquots of the Personal Property Tax for assets abroad.

When the taxpayers who made a request for exemption from the payment on account do not comply with the repatriation or the terms of permanence, the obligation corresponding to the payment on account will be demandable together with compensatory interests.

Written by Argentina News

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