On 7 June 2024, Argentina’s tax authorities published General Resolution 5516/20241 to announce that the filing and payment deadlines for individual taxpayers subject to Argentine income tax and wealth tax for the 2023 tax year have been extended to the last week of August 2024.
Why this matters
This 80-day extension of the time for filing and payment of taxes for individual taxpayers is intended to provide clarity in respect of the timeline for fulfilling one’s tax obligations. There has been some uncertainty on this issue because the government is currently advancing a tax reform proposal in Congress that is expected to make progress over the coming weeks. In addition, Argentina’s tax authority (Administración Federal de Ingresos Públicos or “AFIP”) has not yet enabled the website for tax return filings.
More Details
The up-to-date deadlines are as follows:
2023 Argentine Income and Wealth Tax Return
Final Digit of Tax ID | Filing & Payment Date |
0,1, 2 & 3 | 26/08/2024 inclusive |
4, 5 & 6 | 27/08/2024 inclusive |
7, 8 & 9 | 28/08/2024 inclusive |
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 AFIP (currently set at ARS 15,917,866), need to file a mandatory information Income and Wealth Tax Return. (For prior coverage, see GMS Flash Alert 2024-120, 28 May 2024.)
KPMG Insights
Globally-mobile employees who are taxable in Argentina – and their program managers – should consult with their tax professionals about the new compliance timetable and how the new deadlines affect them and their obligations in terms of, for example, information gathering and document collection, reviews/approvals, and tax return completion.
The AFIP’s extended deadline should offer individuals some relief by helping preserve their cash flow and provide additional time to organize their tax and financial affairs to meet their compliance obligations in a timely manner.
Contacts
Additional Resources
Footnotes
1 “Resolución General 5516/2024,” published in Boletín Oficial de la República Argentina (online).
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ARS 1 = EUR 0.0010329
ARS 1 = USD 0.0011
ARS 1 = GBP 0.000871
ARS 1 = BRL 0.0059
Source: www.xe.com
Disclaimer
The information contained in this newsletter was submitted by the KPMG International member firm in Argentina.
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