2024-05-28-KPMG_Global-Argentina_–_Update_on_Parameter_Regarding_2023_Informative_Tax_Return_Filings_3页_251kb

Argentina – Update on Parameter Regarding 2023 Informative Tax Return Filings

Core Content

On 21 May 2024, Argentina's tax authorities, specifically the Administración Federal de Ingresos Públicos (AFIP), published an update regarding the minimum gross income threshold for filing the Informative Income and Wealth Tax Return (Declaración Jurada informativa sobre Ganancías y Bienes Personales) for the 2023 tax year. This threshold was previously set and is now adjusted to ARS 15,917,863.58.

The update applies to individuals whose only source of income is employment income subject to withholding at source, and who have an annual gross income exceeding the new threshold. These individuals are now required to file the 2023 Informative Tax Return.

The due date for filing this return is set for 30 June 2024.

Key Information

• New Threshold: ARS 15,917,863.58
• Effective Year: 2023
• Filing Requirement: Applies only to individuals with employment income as their sole source of income
• Due Date: 30 June 2024
• Currency Exchange Rates (as of the source):
  • 1 ARS = 0.00103 EUR
  • 1 ARS = 0.00112 USD
  • 1 ARS = 0.00087 GBP
  • 1 ARS = 0.00577 BRL

Main Points

• Impact on Employees: The updated threshold may affect employees whose 2023 annual gross income exceeds the new amount. These individuals must now file an informative tax return.
• Filing Obligation: The requirement is based on income source (employment income only) and income level (above the minimum threshold).
• Consultation Advice: Companies with globally-mobile employees who are paid via an Argentine payroll are advised to consult their tax service professionals or the KPMG GMS tax team in Argentina to determine which employees are affected by the new threshold.
• Information Source: The update was published on AFIP's webpage under the "ABC Consultas Frecuentes" section with the question ID 12766887.1. Additional details can be found in the "Declaración Jurada Informativa" section.

KPMG Insights

• Relevance for Multinational Employers: The new income threshold may alter the filing requirements for employees in previous years, thus affecting tax compliance strategies.
• Action Required: Businesses should review their employee data and consult with tax professionals to ensure accurate and timely reporting.
• Contact Information: For assistance, companies can reach out to:
  • Rodolfo Canese, Partner, KPMG Argentina
    • Tel: +54 11 4316 5643
    • Email: rcanese@kpmg.com.ar
  • Cecilia Nuñez, Director, KPMG Argentina
    • Tel: +54 11 4316 5749
    • Email: cnunez@kpmg.com.ar

Conclusion

This update changes the minimum gross income requirement for individuals to file an informative tax return in Argentina for the 2023 tax year, impacting those with income above the new threshold. It is essential for employers, particularly those with globally-mobile employees, to review their payroll data and seek professional advice to ensure compliance with the updated regulations.