【KPMG Global】Argentina – Wealth Tax Deadline of April 30 for Repatriating Foreign Assets

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2024-098 | April 24, 2024

GMS Flash Alert

2024-098 | April 24, 2024

Argentina – Wealth Tax Deadline of April 30 for

Repatriating Foreign Assets

In accordance with National Decree DR 281/2024, Argentina’s government approved the extended

deadline to repatriate foreign currency holdings until April 30, 2024 (it had been March 31, 2024).1

WHY THIS MATTERS

It is important to note that individuals subject to taxation in Argentina on their worldwide assets have the

opportunity to reduce their tax rate by repatriating 5 percent of their foreign currency holdings from abroad.

More Details

Taxpayers considered as tax residents as of December 31 of each year have compliance obligations in

relation to declaring their “wealth” and paying taxes in Argentina on their worldwide assets. Under this

regime, different tax rates apply to assets held in Argentina compared to those held abroad. The minimum

nontaxable amount for fiscal year 2023 is ARS 27,377,408.28.

Wealth Tax Rates on Assets in Argentina (for fiscal year 2023)

FY 2023 Asset Range (ARS)

FROM - TO

Tax Rate

0 to 13,688,704.14

0.50%

13,688,704.14 to 29,658,858.98

0.75%

29,658,858.98 to 82,132,224.86

1.00%

82,132,224.86 to 456,290,138.07

1.25%

456,290,138.07 to 1,368,870,414.25

1.50%

1,368,870,414.25 and above

1.75%

Source: KPMG in Argentina

2024-098 | April 24, 2024

Wealth Tax Rates on Foreign Assets (for fiscal year 2023)

FY 2023 Asset Range (ARS)

FROM - TO

Tax Rate

0 to 13,688,704.14

0.70%

13,688,704.14 to 29,658,858.98

1.20%

29,658,858.98 to 82,132,224.86

1.80%

82,132,224.86 and above

2.25%

Source: KPMG in Argentina

This increased percentage can be avoided if 5 percent of the assets abroad are converted into cash and

repatriated before March 31 inclusive (deadline extended for this year to April 30). The repatriated

funds need to be deposited in certain financial institutions maintained in the country until December 31 of the

year of repatriation.

KPMG INSIGHTS

Companies with globally-mobile employees – especially Argentine citizens living abroad – with assets

(whether inside or outside Argentina) subject to the wealth tax under Argentine law, should consult with their

tax service professionals about completing and filing their tax returns and paying their taxes.

There could be benefits for repatriating some part of the taxpayer’s foreign currency holdings abroad.

Questions about the rules, who they apply to, and what next steps are advisable should be addressed to a

qualified tax professional or a member of the GMS team with KPMG in Argentina (see the Contacts section).

FOOTNOTE:

1 See Decree DR 281/2024: Boletín Oficial de la República Argentina, Decreto 281/2024 at:

https://www.boletinoficial.gob.ar/detalleAviso/primera/305209/20240327.

Also see, Law 27.667 (Wealth Tax Regulations): Boletín Oficial de la República Argentina, Ley 27667 at:

https://www.boletinoficial.gob.ar/detalleAviso/primera/255530/20211231.

* * * *

ARS 1 = EUR 0.001

ARS 1 = USD 0.0011

ARS 1 = GBP 0.0092

ARS 1 = BRL 0.006

ARS 1 = CAD 0.00157

Source: www.xe.com

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