16 June 2022 Argentine Government proposes windfall corporate income tax The bill would establish a one-time 15% "windfall income tax" for companies that obtained extraordinary income from the increase in international prices. The 15% rate would apply to the excess of net taxable income resulting from the difference of the (1) net taxable income obtained in the first tax year ended on or after the month immediately following the month in which the bill is enacted and (2) net taxable income from the previous tax year adjusted by the variation of the Consumer Price Index (CPI). On June 6, 2022, the Argentine Government sent to the Chamber of Deputies a bill that would establish a one-time "windfall income tax" for companies that obtained extraordinary income from the increase in international prices. Based on the current Argentine political environment, it is uncertain whether the Argentine Congress will approve this bill. The bill would establish a one-time additional 15% windfall income tax on the excess of the net taxable income resulting from the difference of the (1) net taxable income obtained in the first tax year ended on or after the month immediately following the month in which the bill enters into force, and (2) net taxable income from the previous tax year adjusted by the variation of the CPI, published by the National Institute of Statistics and Census.
The bill would exclude the income tax and the extraordinary results from the calculations referred to in the previous paragraph, in accordance with the regulations to be issued after the bill's enactment. If approved by the Argentine Congress, the bill would be enacted on the date of publication in the Official Gazette and would apply for the first financial year ending from the first day of the month immediately following enactment and the last day of the 12th month immediately following that date.
Document ID: 2022-0935 | |||||||||||||||||||||||||||||
