Published 7 October 2026, this doctrinal analysis by Errepar’s tax research unit examines a critical but underappreciated consequence of the sanctioned-but-unpromulgated Fiscal Clemency II (Law 27.950): its interaction with the Personal Assets Tax (Impuesto sobre los Bienes Personales – IBP). Under current IBP regulations (Title VI, Law 23.966), assets declared in a tax amnesty acquire a “tax cost basis” equal to the declared value for future wealth tax computations. However, the draft Law 27.950 contains a silent gap: it does not expressly amend IBP Article 23 to recognize the amnesty valuation as the new fiscal cost. Consequently, if a taxpayer declares offshore real estate at USD 1 million under the amnesty (paying the 10% special tax), the IBP may continue to value that asset at its original acquisition cost — potentially near zero for inherited properties — generating an annual 1.25% wealth tax on an artificially low base, or conversely, trigger a reassessment at current market value (USD 1.5 million) without credit for the amnesty tax paid. The analysis warns that until the Executive issues a clarifying decree or AFIP publishes an interpretative resolution, amnesty participants face asymmetric risk: overpayment of IBP if market value is used, or audit exposure if historical cost is maintained.
Key Takeaways
- Valuation Uncertainty: The absence of an explicit IBP cost-basis step-up clause creates a legislative vacuum that tax authorities may interpret restrictively.
- Double Tax Economic Risk: Participants could effectively pay 10% special tax plus 1.25% annual IBP on a valuation that ignores the amnesty declaration, eroding the regime’s benefit.
- Action Required: Advisors should file a protective administrative consultation (Consulta Vinculante) with AFIP before the 13 October sworn declaration deadline to lock in favorable valuation treatment.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
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