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New Tax Regulations Rolled Out by AFIP

Alright folks, hold onto your seats because there’s some fresh news coming your way from Buenos Aires. The Administration Federal de Ingresos Públicos (AFIP) just dropped a bombshell with their latest General Resolution 5489/2024, shaking up the tax game for corporations, sole proprietorships, trusts, and others dealing with commercial balance sheets.

So, let’s dive into the nitty-gritty. This resolution, hot off the press, builds upon its predecessor, General Resolution 4626, setting the ground rules for those rocking commercial accounting systems. These folks, falling under various sections of the Income Tax Law, now have a whole new set of hoops to jump through when it comes to figuring out and coughing up their taxes.

But wait, there’s more! AFIP isn’t just twiddling its thumbs. Nope, they’ve gone ahead and jazzed up their software to make life – or at least tax filing – a bit more interesting. Picture this: a swanky new version of their tax software, complete with all the bells and whistles. We’re talking about tweaks like cracking open the Inflation Adjustment data fields and giving the old Article 73 tax scale a makeover, effective January 1, 2024.

Now, you might be wondering who gave this green light. Well, wonder no more. AFIP’s got it all sorted out, with nods from the Directorate of Legislation and the General Sub-Directorates of Legal Affairs, Collection, Audit, and Systems. They’ve put their stamp of approval on these new regulations, so you can trust that they mean business.

So, let’s break it down. What exactly has changed in the tax game? For starters, AFIP has introduced new data fields for Inflation Adjustment. This means that businesses will now have to consider inflation when calculating their taxes. It’s a clever move by AFIP to ensure that businesses are accounting for the impact of inflation on their financial statements.


But that’s not all. AFIP has also given the old Article 73 tax scale a makeover. This tax scale determines the tax rates for different income brackets. With the new regulations, businesses will need to familiarize themselves with the updated tax scale and ensure that they are applying the correct rates to their income.

Now, I know what you’re thinking. How am I supposed to navigate all these changes? Well, fear not! AFIP has got your back. They’ve revamped their tax software to make it easier for businesses to comply with the new regulations. The updated software comes equipped with all the bells and whistles you need to navigate through the maze of tax calculations and ensure that you’re filing your taxes correctly.

But here’s the kicker. These changes are effective from January 1, 2024. So, if you haven’t already, it’s time to roll up your sleeves and get familiar with the new regulations. Don’t wait until the last minute to update your accounting systems and start using the revamped tax software. Trust me, it’ll save you a lot of headaches down the line.

In conclusion, AFIP’s latest General Resolution 5489/2024 has brought about significant changes in the tax landscape for businesses in Buenos Aires. With the introduction of new data fields for Inflation Adjustment and an updated tax scale, businesses will need to adapt and ensure that they are complying with the new regulations. Luckily, AFIP has provided businesses with revamped tax software to make the transition smoother. So, buckle up and get ready to navigate the new tax game with confidence.

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