background image

Argentina Extends Repatriation Deadline for Exemption from Increased Personal Property (Assets) Tax on Foreign Property — Orbitax Tax News & Alerts

Argentina has published Decree 201/2022 of 20 April 2022, which extends the deadline for taxpayers to benefit from the exemption from the increased personal property (assets) tax rates for foreign property as established by Decree 912/2021 of 30 December 2021. Under the personal property tax rules, as amended by Law No. 27.667, rates of 0.5% to 1.75% apply for domestic property, while the rates range from 0.70% to 2.25% for foreign property. Decree 912/2021 provided that the increased rates will not apply for foreign property as long as an amount equivalent to at least 5% of the total value of the foreign property is repatriated to Argentina in cash and kept in the taxpayer's bank account or invested in qualifying mutual funds. Such repatriation must be completed by 31 March each year and be equal to at least 5% of the foreign property value as on 31 December of the previous year. Decree 201/2022 provides for an extension of this repatriation deadline to 31 May 2022 in respect of the 2021 tax period.