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Argentina 2023 Budget Includes New Tax Amnesty for Unreported Cash — Orbitax Tax News & Alerts

The Argentine National Congress is considering a draft budget bill for 2023 submitted on 15 September 2022 that includes a new tax amnesty regime for the disclosure of unreported cash held domestically or abroad. The new regime is similar to the amnesty recently reintroduced by Law 27679, including the special tax rates of 5%, 10%, and 20%, depending on how soon the disclosed amount is deposited in a special account after the new amnesty regime enters into force. The main difference concerns how the disclosed amounts may be used. While the amnesty under Law 27679 requires disclosed funds to be invested in new real estate, the new amnesty regime also allows disclosed funds to be invested in existing real estate, and to be used by SMEs for importing goods.