ARGENTINA

On June 3, the Federal Administration of Public Revenues (AFIP) adopted General Resolution 4498/2019, which regulates the promotion of productive development projects by deferring Income Tax payments, a benefit enshrined in the Productive Financing Law.

This means that trusts and mutual funds that currently pay Income Tax must provide their investors with all the data necessary to ensure they meet their tax obligations. Investors will be granted extra time to submit any rectifying affidavits without incurring administrative sanctions.

The regulation applies to profits generated in fiscal years beginning after January 1, 2018. Investors who have filed their income tax returns prior to the effective date of this new resolution may rectify them in order to benefit from its provisions.