23/07/2026 03:04 - Economia
Argentina's Minister of Economy, Luis Caputo, presented on July 22, 2026, the new Tax Innocence bill. This initiative encourages Argentines to bring their so-called under-the-mattress dollars (undeclared physical US dollar bills kept at home) into the formal financial system. The main goal is to provide peace of mind and legal certainty to savers, ensuring they can regularize their situation without fear of future tax penalties.
According to estimates by the Central Bank of Argentina (BCRA), there are approximately US$170 billion held outside the banking system. This is more than four times the current stock of dollar deposits, which hover around US$40 billion. Caputo emphasized that keeping these funds immobilized is a bad business move for both citizens and the country, as formalizing them will reactivate credit and generate employment.
It is a special regime (Simplified Affidavit Regime) that allows individuals to formalize their undeclared savings by bringing them into the banking system without the tax authority (ARCA) questioning their past origin, provided certain conditions are met. Unlike a traditional tax amnesty where a special tax is paid to whiten money, this program offers legal guarantees to those who decide to declare their legitimately acquired funds.
The text, which will be sent to the National Congress, maintains the spirit of the law approved in late 2025 but incorporates technical improvements after joint work with tax experts. The goal is to increase adhesion, which currently stands at around 330,000 taxpayers.
The new text eliminates the previous limits of $1 billion ARS in annual income and $10 billion ARS in net worth. It is now open to all individuals and undivided estates with tax residence in the country, except those categorized as Large Taxpayers (Grandes Contribuyentes Nacionales), who will have a simplified pathway without access to certain benefits.
The criterion of a 15% difference between what is declared and what is detected by ARCA to consider a discrepancy is maintained. However, a minimum floor is added: even if the 15% threshold is exceeded, benefits will not be lost if the nominal claimed amount does not reach 5% of the tax evasion amount under the Penal Tax Law (currently around $5 million ARS).
The burden of proof now falls on ARCA. Additionally, the taxpayer will have 15 business days to file a corrective affidavit and pay the detected difference without losing benefits. If ARCA's impugnation is revoked, the agency must return what was paid with interest within a maximum of 45 business days.
A key definition for the real estate sector is incorporated: cash payments within the framework of public property deeds will be compatible with the regime, as long as they are properly documented before a notary public. This brings peace of mind to buyers, sellers, and developers.
| Concept | Date / Deadline |
|---|---|
| Deadline to externalize undeclared funds | Until December 31, 2027 |
| Income Tax (Ganancias) payment deadline | July 27, 2026 |
| Tax Affidavit (DDJJ) submission (extended) | August 27, 2026 |
Sources: La Nacion, El Economista, Infobae, El Dia.
Alfredo S. Quiroga
