Government extends tax amnesty regime deadline.
Please bear in mind that the national government has decided to push back the deadline of the whitewash bill till December 31st, 2015 in the hope that more businesses will bring undeclared foreign currency reserves back into the country and invest them in real estate, infrastructure and hydrocarbons. It is possible to deposit foreign currency before the Central Bank and then to obtain a double benefit: (a) due to the acquisition of an asset (i.e a real estate property; the new promissory note offered as an alternative by the Government); and (b) because the amount deposited converted into local currency could be used as a barrier to the Argentinean Tax Authorities up to the amount regularized.
Renewable energy: investments opportunities.
Congress enacted Law 26,190 by which it seeks the use and development of renewable sources on electricity consumption. Tax highlights are the following:
the introduction of new tax incentives; early return of VAT, accelerated depreciation on income tax, tax credit certificates, exemption on the minimum presumptive income tax, among others;
introduction of a special import regime: until December 31st, 2017 importers of machinery, equipments or supplies for the development of energy generation projects will be exempt of customs duties; and
it provides that renewable energy projects will not be taxed by any canon, royalty or any specific tax until 2025. Regulations by the Tax Authority will be released promptly