The Government presents a new law to capture 10 billion dollars from the mattress

The Government has presented a new version of the Tax Innocence Law with the aim of integrating into the formal financial system the 10 billion dollars that are estimated to be outside the economic circuit, as announced by the Minister of Economy, Luis Caputo.

The Minister of Economy, Luis Caputo, presented this Thursday a new version of the Tax Innocence Law, an initiative that seeks to incorporate into the formal financial system the so-called 'mattress dollars', undeclared savings that remain outside the economic circuit.

According to official estimates, there are about 10 billion dollars outside the financial system that the Government hopes to mobilise towards investments, consumption or deposits. To achieve this, the new regulations offer clearer and more predictable rules that encourage taxpayer adherence.

The presentation was attended by representatives from business chambers and the professional sector. The Executive is confident that the modifications will reduce fears of future tax reviews and promote asset declaration.

Tax shield and changes in the simplified regime

One of the key changes in the project is the implementation of a 'tax shield' for those who enter the new regime. This shield will offer greater guarantees against future reviews, aiming to increase taxpayer confidence.

Additionally, the Simplified Profit Regime is being modified, with the goal of reducing administrative burdens and limiting extensive reviews of previous periods. The original conditions excluded taxpayers with higher levels of wealth, but the new proposal expands the limits.

Currently, if the Revenue and Customs Control Agency (ARCA) detects significant discrepancies in declarations, the effect of tax innocence is lost. The new version seeks to widen the tolerance margin to allow corrections before initiating a formal investigation.

The aim is to prevent administrative or declaration errors from resulting in the loss of benefits, which could improve taxpayer confidence and encourage adherence to the regime.

Next steps and recommendations

The presentation of the project is just the first step. Now, the legislative process must advance for the changes to become law. Once approved, the Government will need to define the regulations and procedures of ARCA to implement the new scheme.

From the Executive, they hope that with simpler and more predictable rules, more taxpayers will declare their assets and use them in the economic circuit. The measure aims to change the relationship between the tax authorities and taxpayers, rewarding compliance.

For those considering joining the new regime, experts recommend consulting with an accountant to assess the advisability of regularising undeclared assets and understanding the benefits of the tax shield.

The initiative comes at a time when the Government seeks to stimulate the economy and reduce informality. The debate in Congress is expected to begin in the coming weeks.