As Per The Previous Drafts Available on the internet. The Government provides for modifications in the regimes for adjusting inflation balances, a rate paid by large companies on credits and debits in bank accounts as well as a rise in the tax rate on income.
Article 27 of the text entitled Adjustment for Tax Inflation provides for substitution of article 194 of the Income Tax Law.T he new wording of the section indicates that
“The adjustment for positive or negative inflation corresponding to the first and second fiscal year beginning as of January 1, 2019, shall be charged one-sixth in that fiscal period and the remaining five-sixths, in equal parts, in the next five immediate fiscal periods.”
Meanwhile, it is clarified that the foregoing
“does not preclude the calculation of the remaining thirds corresponding to previous periods, by the provisions of article 194 of the Income Tax Law, text according to Decree No. 824 of December 5, 2019.”
Asked by El Cronista, Sebastian Dominguez, partner of SDC Tax Advisors, considered that if this measure was endorsed,
“again the State would run the bend to citizens.” “If the change returns a benefit, it is an advantage for the citizen, however, if it appears a loss, it is important damage since it will have to be taxed on fictitious profits,”.
He said. Besides, the taxpayer indicated that
“The amount that is deferred in the following 5 fiscal periods is not updated, which is why it is devalued.”
For its part, Ezequiel Passarelli, a partner of the SCI Group considered that the modifications “harm companies more” and warned that there are decisions of the Supreme Court in favor of companies on the subject. “It’s going to be prosecuted” he analyzed. Iv a Sasovsky, of Sasovsky and Associates, said the measure “complicates companies more” And he added by His Sayings that,
“The term is extended. but not the statute of limitations that is maintained in 5 years, so it can be that a company is imputing adjustment for inflation and that it falls in the middle of the prescription”.
Meanwhile, in Chapter 7 entitled ‘Tax on Credits and Debit in Bank and Other Operating Accounts’, the Government proposes incorporating into Law 25.413. which regulates popularly known as Check Tax, the doubling of the current rate that applies in cash withdrawals from large companies. Specifically, the project indicates that “in the case provided for in subsection a), when cash withdrawals are carried out, in any form, the debits made in the accounts mentioned in said subsection will be subject to double the current rate in each case, about the amount of them”. The provisions will not apply to accounts whose holders are human persons or for legal persons that prove to be Micro and Small Businesses. If approved. they evaluate in government, will help to combat the use of cash and thus encourage the formalization of the economy and financial inclusion.
“Instead of eliminating this regressive tax or allowing 100% as payment on account it increases”
Said Dominguez. And he explained that instead of paying 0.6% they should pay 1.2 percent, “that is, if the assessment is increased to the check, it approaches approx 1.8 percent.” Experts Said
“This hits against banking and the duty is executed to costs, which will be paid by final consumers”
Sasovsky warned on this point that
“There is a risk that if the parameters (billing) are not adjusted to be SMEs, many begin to stop being so and have to pay this fee for cash withdrawal.”
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Thirdly, the draft Law on Social Solidarity and Productive Reactivation suspends until December 31.2002 the decrease in the income tax rate that companies had to pay from the first day of next year. The aliquot now suspended should fall to 25%, according to the 2017 tax reform. With the change proposed by the Executive, the current rate of 30% will be maintained throughout the year. The tax reform carried out during the government of Mauricio Macri gradually reduced the rate of corporate income tax from 35% to 25%, which was to take effect next year. As a transition, in 2018 and 2019 an aliquot of 30% had been applied. According to an internal analysis of the Government, the reduction makes the tax more regressive since, although profits also fall on the distribution of dividends, taxpayers of higher purchasing power obtain their income in large part from this source. An adequate rate thus ensures a certain level of payment by the highest income sector.
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