The President of Argentina, Alberto Fernández, together with the Minister of the Economy, Martín Guzmán, announced the sending to Congress of the unexpected income project for companies that increased their income due to the increase in prices due to the war in Ukraine and affirmed that the Parliament has “the obligation to accompany” the initiative.
The project will be admitted by Deputies and counts in advance on the rejection of Together for Change, which spoke out against the creation of new taxes, when almost a month ago La Rosada announced that it seeks to promote this measure.
The national government announced that the initiative “aims to regulate the unexpected income generated by the shock of the war in Ukraine, in order to avoid a regressive redistribution of income, with the State reallocating it.”
In this way, it seeks to implement an over-rate of the Tax on Capital Company Gains applicable to fiscal year 2022. Companies with Net Taxable Income or Accounting Income greater than $1,000 million (8.2 million dollars) and whose Net Taxable Income has grown in real terms and that meets one of these conditions: profit margin (accounting profit on your income) in 2022 greater than 10%, increase in profit margin in 2022 in relation to 2021 of at least 20 percent hundred.
The rate will be applied to the “unexpected income” (Net Taxable Income greater in real terms than that of 2021). Thus, the tax will have an aliquot of 15% that will be paid together with the expiration of the Income Tax of Capital Companies.
In addition, this will be applicable to the fiscal year of 2022 and will be applied to companies that meet the conditions defined according to balance sheets completed after the enactment of the law and for one year from that date.
“The extraordinary increases in the international prices of certain goods as a result of the war in Ukraine, added to the lasting economic effects of the Covid-19 pandemic, enhance the concentration of wealth, deepening inequalities in the world,” the statement said. of the government. “There are companies that benefit from the rise in international prices due to the war and, consequently, sell their products at higher prices, obtaining an extraordinary profit that does not come from improvements in productivity, from greater investments,” he continues.