Argentina: Argentina Has Released A New Tax Amnesty Regime

In a context in which there will be an automatic exchange of information with other countries, on May 31, the Executive Branch filed a bill of law including a "Tax Amnesty Regime" before the House of Representatives. Among other provisions it included a "Voluntary and extraordinary disclosure regime of national and foreign currency holding and other assets, within Argentina and abroad" ("Tax Amnesty"). The bill of law was recently approved by the Congress, so the expectation is that it will be passed into Law next week.

Disclosure of assets

The "tax amnesty" regime is an amnesty for taxpayers who disclose undeclared assets, within Argentina and abroad, without the need to repatriate them to Argentina.

The deadline to file the statement adhering to the regime is up to March 31, 2017.

Individuals, undivided state and companies domiciled and residents within Argentina, will be able to adhere to the regime. They can only include within their statements assets that have been existent before the date of enactment of the Law or, for companies, assets that have been existent before the closing date of financial statements before January 1, 2016.

The Tax Amnesty also provides the disclosure of corporate participations, benefits from trusts and any other right subject to an economic value.

The taxpayer adhering to the Tax Amnesty can disclose assets even those in possession registered or deposited under the name of the spouse, certain relatives or even third parties. Regulations shall clarify this alternative in order to avoid misunderstandings in further tax returns.

October 31, 2016 is an important date because it is the cut-off date to disclose cash currency holding within Argentina by depositing such funds on a bank account or financial institution in Argentina. The funds must remain deposited and registered in the owner's name until March 31, 2017, or at least, six months, whatever is longer. There will be exceptions regarding funds destined to special tax payment, bond subscription or acquisition of registered property.

Taxpayers adhering to the regime must file a statement individualizing every owned asset and including, among other provisions, a bank account statement for the local and foreign accounts to support the disclosure.

Taxpayers not adhering to the regime must file a statement of data confirmation. This may be understood as a benefit for those who are not adhering to the Tax Amnesty towards past situations.

The disclosure of the assets shall be total and there is no possibility of making a partial declaration.

If the AFIP discovers undeclared assets, the taxpayer will lose all the benefits granted by the tax amnesty. The taxpayer adhering to the Tax Amnesty shall not be forced to provide the AFIP with any additional information other than that requested at the time of disclosure.

Adhering to the "tax amnesty" regime involves the application of a special tax rate which varies according to the following scheme:

  • Zero: 0% for those assets not exceeding AR$ 305,000;
  • Five: 5% for real estate and for those assets that do not exceed AR$ 800;
  • Ten: 10% for goods, exceeding the sum of AR$ 800,000 submitted until December 31, 2016 (except for real estate);
  • Fifteen: 15% for goods, exceeding the sum of AR$800,000 submitted until March 2017 (except for real estate)

In these last two cases payment of the special tax can be replaced by granting public authorities with BONAR 17 or GLOBAL 17 securities, and in this case the applicable rate is 10% and may be carried out until March 2017.

The disclosure of assets will be exempt from the special tax if the funds are used to subscribe public securities. These are public securities in dollars, non-transferable and non-negotiable.

Another exemption of the special tax will apply if the funds are used to subscribe or purchase quotas of investment funds which will be specially regulated by the Argentine Securities Commission that will be investing in the real economy. Quotas may only be transferred 5 years after subscription.

Benefits of the Tax Amnesty

Like any other tax amnesty, the benefit for the taxpayer is to include undeclared assets to their disclosed property, without having to face tax, criminal or foreign exchange issues, regarding those taxes that should have been paid due to those assets (such as VAT, Income Tax, and Personal Asset Tax).

The taxpayer will be also be released from any potential claim or penalty, including criminal tax law, criminal foreign exchange law, criminal and custom law and also administrative infringement that may correspond for failure to fulfill legal obligations related to the non-disclosed assets and their profit.

However, the tax amnesty does not include a pardon for money-laundering legislation. Furthermore, the origin of the disclosed assets could be subject to further investigation in order to establish if they are, in any way, related to criminal activities, except for those included in criminal tax law and foreign exchange law, which are covered by the benefits of the tax amnesty.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Sign Up
Gain free access to lawyers expertise from more than 250 countries.
Email Address
Company Name
Confirm Password
Mondaq Newsalert
Select Topics
Select Regions
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions