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Argentina extends deadlines to elect the tax revaluation option

On 27 February 2019, Argentina’s Federal Tax Agency issued General Resolution No. 4,429, which extends the deadlines for taxpayers to elect the tax revaluation option.

Background

The tax reform enacted in December 2017 (Law 27,430) established a tax revaluation option, which is a one-time mechanism for Argentine-resident individuals and companies to revaluate for tax purposes their assets located in Argentina that generate taxable income. For more information, see EY Global Tax Alert, Argentina publishes new regulations on tax revaluation option and VAT on digital services, enacted as part of tax reform, dated 3 May 2018.

Taxpayers determine the new tax value of the assets by applying a “revaluation factor” to the tax value originally determined in each year or period of the asset’s acquisition or construction. For immovable or movable property qualifying as fixed assets, an independent appraiser may determine the value under certain circumstances. This mechanism requires the payment of a one-time special tax on the amount of the revaluation. The special tax rates are from 5% to 15%, depending on the type of asset.

The tax revaluation option applies to the first tax year ending after 29 December 2017 (i.e., the enactment date of Law 27,430).

The deadline to elect the tax revaluation option for companies with a tax year ending in December was 28 February 2019; for companies with a tax year ending from January to November, the deadlines ranged from 29 March 2019 to 29 November 2019, depending on the month in which the tax year ends.

General Resolution No. 4,429

The Resolution extends the deadlines for electing the tax revaluation option as follows:

Fiscal year ending
New deadline

December 2017

29 March 2019

January 2018

30 April 2019

February 2018

31 May 2019

March 2018

31 May 2019

April 2018

31 May 2019

May 2018

28 June 2019

June 2018

31 July 2019

July 2018

30 August 2019

August 2018

30 September 2019

September 2018

31 October 2019

October 2018

29 November 2019

November 2018

31 December 2019

EYG no. 000667-19Gbl

Download this Tax Alert as a PDF file.

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