In the context of the series of modifications proposed by the Tax Reform bill towards a new fiscal pact for development and social justice, we highlight the wealth tax.
In this sense, the tax seeks to tax with a rate of 1% to 1.8% those assets exceeding 5 million dollars.
It is important to specify the following:
This new tax will be levied only on those sums exceeding the aforementioned amount.
Wealth will be considered, i.e., assets minus liabilities, according to the rules established in the proposed law.
Other taxes paid may be used as a credit, an example of which is the tax paid on the real estate surtax.
Additionally, in case the tax reform proposal is approved in the way it has been proposed, this new tax would become effective on January 1, 2024, on the net worth determined as of December 31, 2023, and so on. In turn, during its first year of effectiveness, this tax will only be applied on the amounts of the highest bracket.
Finally, we insert a table with the brackets and associated rates:
|Section (UTA)||Tranche (US$)||Rate|
|Up to 6,000 UTA
6.000 – 18.000 UTA
More than 18,000 UTA
|Up to 4.9 million
5 – 14.7 million
More than 14.17 million
For more information please contact our azTAX group:
David Ancelovici | Director Tax Group | firstname.lastname@example.org
Valentina Galdames | Associate | email@example.com
Guillermo Ulloa | Associate | firstname.lastname@example.org