The Presidency sent to the Senate a bill that would eliminate past tax debts for those that file for previously unlisted property. The break also allows for new assessments of property. The bill is described as a kind of fiscal amnesty for persons and companies that file or update the worth of their property. The special tax would be set at 3% of the declared worth in case of real estate and 5% on other assets. The program is aimed at encouraging persons to comply with the Asset Laundering and Terrorism Financing Law 155-17 that incorporates tax evasion as a crime.
Magin Diaz said that Argentina applied a similar procedure. This would benefit transactions for assets carried out prior to 1 January 2018.
In the bill introduced on 3 September 2018 to the Senate, assets that may be subject to declaration or revaluation are described as: the possession of national or foreign currency by deposit declaration in an authorized entity, the properties over which no requirement for payment by the Tax Administration has been made “may be reassessed” and personal property located in the country, including assets.
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Listin Diario
Diario Libre
10 September 2018
