The Industrial Union assured that the increase in the Tax pressure what does the mean Extraordinary advance payment of Income Tax for businesses could put the economic recovery at risk.
Resolution 5248/2022 of the AFIP published on August 16 established an additional advance payment of income tax for companies that meet certain requirements: it will be 25% of the tax of the previous year or 15% of the tax result in the event that there was no tax to pay. In both cases, it covers companies that have had tax payable equal to or greater than $100 million or tax result before losses greater than $300 million.
“The measure commits and encompasses many medium-sized companies of the industrial sector. If the billing scales are taken into account to be considered a medium-sized company in the industrial sector (up to $ 7,046,710,000 is considered a medium section II), only by presenting 5% of profitability before taxes on billing a medium-sized company section II would be covered for the measure (it would exceed $300 million),” explained the manufacturing entity in a report received by its partners.
“So, the universe of industrial companies reached represents 54% of formal employment and 70% of the wage bill. In turn, the universe of companies reached reaches about 84% of total exports,” the note added.
The UIA complained that this is not the first increase in tax pressure, added to the obstacles in foreign trade.
According to his point of view, the extraordinary advance payment of Earnings deepens the lack of predictability necessary for the recovery of the economy and increases the financial cost of the productive sector, “in a context of great difficulties in obtaining resources to finance productive projects”.
“Additionally, it compromises the situation in the future, since anticipates resources that would be obtained in mid-2023 and that, if this measure is implemented, will not be received next year. Thus introducing a new factor of unpredictability regarding the mechanisms that will be designed in the future, with greater potential tax pressure for the financing of public accounts in 2023,” the entity said.
“A new change in the rules of the income tax game exacerbates uncertainty and affects predictability that the productive sector needs: it would be the fifth modification relevant income tax for companies in the last 10 years, and the second in a year”.
The measure, assured in the UIA, can double the advances that companies have to pay in 3 of the 10 months.
In addition, “those companies that have invested in the country will see their situation compromised because at this time of year they have already organized their cash flow and have committed payments Therefore, a modification in the Profit advances in many cases would generate delays in payments to suppliers or difficulties in facing debt payments to face this new expiration of AFIP”.
On the other hand, since the losses that the companies have had will not be computed, not only will it force companies to pay advances that otherwise did not correspond to them, but it may happen that the advance is paid by companies that later do not have tax to pay for the period in question, continues the note.
“This may result in oblige companies that are financially committed to pay an advance of an income tax that will not exist, and therefore further complicate their situation instead of accompanying them in the recovery”.
“Likewise, by not being able to offset the obligation with existing credit balances, or request the reduction of this new advance, not only are the rights of the companies violated, but the possibility of companies mitigating the damage of an obligation that does not match their economic capacity Companies that have a balance in their favor with AFIP will not be able to use it to pay the new obligation, deepening the immobilization of these balances and even increasing them when no tax is determined to be paid in the fiscal year for which the payments are made. advances,” they explained.