On 2 July 2024, Argentina’s tax authorities published General Resolution 5521/20241 to announce that the filing deadline for informative Income Tax Returns and Wealth Returns for individual taxpayers regarding fiscal year 2023 has been extended until 30 September 2024.
General Resolution 5521/2024 also establishes a new income tax deduction that dependent employees may claim if they are participating in a rental contract either as an owner or tenant, applicable for fiscal year 2024 and subsequent periods.
WHY THIS MATTERS
The extension of the time for filing informative tax returns for individual taxpayers aims to facilitate compliance with tax obligations considering the short timeframe since the fiscal entity (Administración Federal de Ingresos Públicos (AFIP)) has not yet enabled the website applications intended for tax return filings. Added to that is the situation whereby the FY 2023 annual payroll income tax forms for employees have yet to be released – that is expected at the end of July.
Following the previous extension for Income Tax and Wealth Tax Returns with balances due,2 individual taxpayers with filings obligations should now have sufficient time to fulfill their tax obligations once the web applications are released.
Additionally, the income tax deduction introduced by General Resolution 5521/2024 benefits many individual employees who participate in rental contracts, either as owners or as tenants, allowing them to deduct from their annual tax withheld in 2024 (and further periods) 10 percent of the monthly amount for housing rentals.
Employees will be able to claim this tax deduction through the F.572 form. This can be filed monthly using the tax authority’s application “Siradig – Trabajador,” so that employers can take steps to provide for their employees’ deductions for the payroll calculations. This Resolution also specifies that the deduction will be applicable only if the monthly rental amounts are substantiated by bills or similar permitted documents.
More Details
Find below the up-to-date deadlines:
Final Digit of Tax ID |
Filing Date |
Payment Date |
Type of Tax Return |
0, 1, 2, 3 |
26/08/2024 |
26/08/2024 |
General Regime |
4, 5, 6 |
27/08/2024 |
27/08/2024 |
General Regime |
7, 8, 9 |
28/08/2024 |
28/08/2024 |
General Regime |
0 to 9 [All] |
30/09/2024 |
N/A |
Simplified Regime (informative) |
Source: KPMG in Argentina
KPMG INSIGHTS
Individuals whose only source of income is employment income subject to withholding at source and whose annual gross income exceeds a minimum that is set by the Argentine tax authority (currently set at ARS 15,917,863.58) must file a mandatory informative Income and Wealth Tax Return.
Companies with globally-mobile employees who are taxable in Argentina should consult with their tax service professionals about the new compliance timetable and how the new deadlines impact in terms of information/document collection, review/approval, and tax return completion. Companies should also reach out to their tax advisers regarding the new income tax deduction as it may benefit many of their assigned employees.
FOOTNOTES
1 See Resolución General 5521/2024 on the AFPI website.
2 For prior coverage, see GMS Flash Alert 2024-125, 11 June 2024.
* * * *
ARS 1 = EUR 0.00099
ARS 1 = USD 0.001
ARS 1 = GBP 0.00083
ARS 1 = CAD 0.00148
ARS 1 = BRL 0.0059
Source: www.xe.com
The information contained in this newsletter was submitted by the KPMG International member firm in Argentina.
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