Will pay the profits the fixed terms that they lost with inflation in 2018

The beginning of the application of the financial income tax for the calculation of the income tax, the first presentation of which should take place on June 19, presents certain "inconsistencies" detected by experts in the field and makes it possible to keep accountants on alert, financial intermediaries and taxpayers.

We present here two concrete cases of fixed term holders in pesos, who lost with inflation in 2018, or shares in Argentina listed abroad (ADR), that they then sold at a lower price, where the treasure will collect revenue, as are current regulations.

For example, if a person subscribed in January 2018 at a fixed maturity of 1 million pesos and renewed monthly at an average monthly rate of 34%, he would earn an interest income of 350,000 pesos, according to the taxpayer's calculations. . Cesar Litvin, from the homonymous study.

As AFIP sets a special non-taxable minimum for calculating profits for fixed terms in pesos or dollars (the same goes for bonds and marketable bonds) of 66,917.91 pesos of income, badysts said understand that the tax authorities will collect the tax in this case, and that the taxpayer holding this fixed term must pay around 15,000 pesos for the said tax (the rate for 2018 is 7%).

However, according to the tributary César Litvin, "inflation in 2018 was 47% and it became clear that fixed conditions in pesos lost against inflation last yearwith which we denote this incoherence of the one who lost with inflation, he will have to pay the Treasury for this tax ".

Another "incongruity" that alerts Sebastián Dominguez, SDC Consultores, is that who holds an ADR from an Argentine company listed on the New York Stock Exchange, may be faced with the situation of having to pay the tax even after losing in dollars.

Indeed, according to the regulations, the price of a local ADR, in pesos, must be taken into account for the calculation of the tax; the action of a foreign company does not have the same treatment.

According to his example, who bought ADR last year for $ 1,000 in YPF shares was listed on the New York Stock Exchange at the exchange rate of $ 26 per peso and then had to sell that ADR at $ 900, while the dollar worth 40 pesos, In practice, he lost 100 dollars. But, if the result is taken in pesos, as requested by the AFIP, it happens that he gets 10,000 additional pesos, with which he must pay profits.

On the other hand, continues Domínguez, "if you buy a share outside of Apple, for example, and the holder then sells it at a lower value than the one he bought because of market fluctuations, you do not have to pay taxes because the AFIP allows you to negative result in dollars ".

Domínguez pointed out that in the case of ADR, a non-taxable minimum is not applied, as in the case of bonds.

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