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Source: Blog KMPG
By: Philipp Zuend
Under the so called “Ley Blanqueo de Capitales” the Tax Amnesty Regime entered into force on 25 July 2016. Assets that have existed prior to 1 January 2016 (or the latest financial statements for a fiscal period ending before such date) may now be disclosed. This includes funds in local and foreign currency and in particular real estate, shares, ownership interests in companies, ADRs, units, and the like as well as other assets in the country and abroad.
Depending on the type of assets there has to be distinguished between the following disclosure methods:
1. Funds or securities held abroad: by reporting their deposit with financial institutions. Disclosing individuals/entities will not be under the obligation to bring their funds/securities into the country.
2. Funds in local or foreign currency in the country: by making a deposit prior to 31 October 2016.
3. Other real and personal property located in the country or abroad: filing of a return including a detail of such property.
Funds in local or foreign currency in cash deposited with Argentine banks must remain deposited for a term of no less than 6 months or until 31 March 2017.
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