Mattress Dollars: One of the Main Doubts Cleared to Prevent Taxpayers from Losing Benefits of New Regime

Argentina's tax authority has provided a crucial clarification regarding its simplified income tax regime, aiming to alleviate concerns for taxpayers holding undeclared cash. The National Directorate of Taxes issued a ruling that clarifies the "timely payment" condition, ensuring that individuals who have saved dollars "under the mattress" can still benefit from the new scheme.

The clarification addresses a point of confusion created by the separate deadlines for tax payments and the submission of tax returns. While the initial payment was due July 27 to maintain collection momentum, the tax return submission deadline was extended to August 27. This extension was intended to allow time for a new fiscal innocence law to advance in Congress.

This separation raised questions about how taxpayers should interpret the requirement to both pay on time and submit their returns. Specifically, concerns arose for those who paid the initial amount in July but discovered an additional balance due when preparing their August declarations. The National Directorate of Taxes has now stipulated that for the 2025 fiscal period, the "timely payment" condition will be met if the simplified tax amount determined in the tax return has been paid within the payment deadline. Any subsequent difference must be paid before August 27.

Tax professionals view the ruling positively. According to Marcelo Rodríguez, a certified public accountant and CEO of MR Consultores, the decree "brings clarity" on how taxpayers with outstanding balances should proceed. This prevents potential issues related to the accuracy of tax declarations, the presumption of correctness, and the finality of payments, thereby avoiding the collapse of the "fiscal plug."

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brings clarity