The Argentine Senate approved the 'Inocencia Fiscal' bill, aiming to facilitate the regularization of dollars acquired on the informal market. The measure passed with 43 votes in favor and 26 against. Its goal is to promote dollar laundering and ease the tax burden.
The law introduces significant changes to the Penalties Regime, Fiscal Procedures, and the Civil and Commercial Code, creating a simplified Gains regime and a Simplified Declarations regime. It also impacts the auditing of declarations and the application of economic sanctions.
'blindados para siempre'.
Under the new regime, taxpayers with assets up to 10,000 million pesos will be exempt from reporting asset fluctuations and monitoring their consumption; ARCA will only tax the Gains tax on invoiced income, disregarding asset growth. This means ARCA audits will not review the taxpayer's assets or expenses.
The bill also raises the thresholds for simple evasion crimes, shortens the prescription period of tax obligations from five to three years, and allows taxpayers to settle debts and their interests with a single benefit, provided they pay within 30 business days.
