Argentina
The Senate approved the Inocencia Fiscal II law and gave preliminary approval to the biofuels reform
The upper house advanced two bills on the agenda during an extensive session. The initiative on savings regularization and changes to income tax was enacted, while the biofuels reform was sent to the Chamber of Deputies.
The Senate approved this Thursday the so-called Inocencia Fiscal II law, an initiative promoted by the Executive Branch that modifies the savings regularization regime and eases access to the simplified income tax regime. According to La Nacion, the vote ended with 44 votes in favor and 23 against, while C5N reported 43 affirmative votes and 23 negative votes.
According to both media outlets, the bill eliminates the income and asset limits that restricted entry into the scheme. It also changes the scope of ARCA’s intervention over sworn statements and allows corrections without automatic exclusion from the regime, as long as the taxpayer regularizes their situation.
C5N added that public officials will be able to enter the income tax simplification mechanism, but will be excluded from the tax amnesty. That outlet also noted that the initiative redefines what is considered a
