Argentina

Asset Regularization Regime

An Asset Regularization Regime was established by Law 27.743 providing taxpayers with a legal framework to disclose undeclared assets located in Argentina or abroad. This voluntary regime allows individuals, undivided estates and entities to bring previously unreported assets into compliance, such as real estate, financial instruments, and other properties, under specific conditions. By adhering to this regime, taxpayers avoid fines and penalties associated with non-compliance. Additionally, the law offers reduced tax rates based on the type and timing of the disclosure, incentivizing early participation.

Changes to income tax

For fiscal year (FY) 2024, the government established by Law a new “cedular regime” that was applied on the “highest incomes”, understood as those salaries that exceed the equivalent of 180 times the SMVM (minimum, vital, and mobile salary) as a non-taxable minimum. Under this scenario, employees, retirees, and pensioners (not applicable to directors) should pay income tax only when their gross monthly salary was greater than 15 times the SMVM at the time of tax determination. In addition, a progressive scale was incorporated, whose rates will be established between 27% and 35%. This new regime was applicable since January to June 2024.

From July onwards, the “Cedular regime” was repealed by the Government and the income tax withholding mechanism that was in force up to September 2023 was reimplemented and updated (annual taxable income 35% tax rate over AR$ 41.316.075 after available deductions was reinstated).

Modifications in tax on personal assets (wealth tax)

On June 2024, Argentina’s Congress approved Law N° 27.743, and introduced new modifications to Wealth tax.  Updated deductions and scales were settled for fiscal year 2023 and onwards. A new “Special Advance Payment Regime" (“Régimen especial de Ingreso del Impuesto sobre los Bienes Personales” or “REIBP”) was implemented, offering taxpayers in Argentina an opportunity to simplify their tax obligations while securing fiscal stability. This voluntary program is tailored to individuals and undivided estates who were Argentine tax residents as of December 31, 2023. Non-residents with a local representative may also participate. The regime allows taxpayers to make one advance payment and avoid future tax return filings and tax payments until fiscal period 2027.

See the Other taxes section for rates.