On 19 April 2023, Argentina’s tax authorities published General Resolution 5349/2023 to announce an update on the parameters for determining if an individual is subject to filing requirements in respect of the Informative Income Tax and Wealth Tax Return (declaración jurada informativa sobre Ganancias y Bienes Personales) for the 2022 tax year.1, 2 (For prior coverage, see GMS Flash Alert 2022-121, 21 June 2022.)
The norm establishes the obligation to file an informative tax return for individuals who receive a certain gross amount of compensation in the fiscal year (whether they are subject to tax or exempt from income tax). The update sets the new amount at ARS 6,600,000.
WHY THIS MATTERS
This update may change the filling requirements for those employees in Argentina whose annual gross income during 2022 was between ARS 3,700,000 and 6,600,000. Therefore, any change of action can be taken before the informative tax return deadline.
More Details
The obligation to file an Informative Income and Wealth Tax Return applies for individuals whose only source of income is employment income subject to withholding at source and whose annual gross income exceeds the minimum set by the Argentine tax authorities (as earlier noted, currently set at ARS 6,600,000).
The due date established for this type of filing is 30 June 2023.
At the same time, the resolution implements an annual, automatic update to the amount of gross income pursuant to a special procedure for indexation applicable for FY 2023 onwards.
KPMG INSIGHTS
Companies with globally-mobile employees who are paid via an Argentine payroll should consult with their usual tax service professional, or a member of the GMS tax team with KPMG in Argentina (see the Contacts section), about the population that would be required to file the informative tax returns in light of the new parameter concerning income, because this modifies the information that was initially required.
FOOTNOTES
1 See (in Spanish) the “Resolución General 5349/2023” published in the Boletín Oficial (online) at: https://www.boletinoficial.gob.ar/detalleAviso/primera/284722/20230419 .
2 See (in Spanish) the AFIP webpage "Declaración jurada informativa" at: https://www.afip.gob.ar/gananciasYBienes/bienes-personales/declaracion-jurada/informativa.asp .
ARS 1 = EUR 0.004
ARS 1 = USD 0.0045
ARS 1 = BRL 0.023
ARS 1 = GBP 0.0036
ARS 1 = CAD 0.00616
Source: www.xe.com
The information contained in this newsletter was submitted by the KPMG International member firm in Argentina.
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