On Monday the request for zero rate loans for monotributistas is enabled

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The monotributistas and self-employed who meet the requirements may request from next Monday 4 and until May 29 a credit at zero rate

The monotributistas and self-employed who meet the requirements adopted by the Head of Cabinet They can request from next Monday 4 and until May 29 a credit with a zero interest rate for up to $ 150,000, within the framework of the Emergency Assistance Program for Production and Work (ATP), the Federal Public Revenue Administration (AFIP) reported today.

As detailed by the AFIP through General Resolution 4707/2020, the monotributista or self-employed who wants to know if he can access the credit must enter the website of the collecting agency and, with your Tax Code (security level 2), enter your account and click on the “Zero Rate Credit” tab.

There you will be informed if you are in a position to request the credit and, if you are, if you want to request it and for what amount, according to the maximum established by your category.

The next step will be to indicate the credit card number where the three monthly installments of the loan will be credited.

In case of not having a card, the self-employed or monotributista must inform which bank is chosen to process the credit.

At the end of loading the information required on the AFIP site, the data will be forwarded to the Central Bank for verification.

If it is determined that the application cannot proceed, the system will indicate to the applicant the reasons why the credit is denied.

To apply for the loan, people need to have previously registered on the AFIP website their electronic tax address, that is, mail and telephone established as a contact channel.

As for the monotax payment, the banking entities will add to each disbursed tranche the amount equivalent to the monthly obligation, and will allocate those resources directly to that payment.

Those who are attached to the automatic debit must request a “stop debit” for the fiscal periods that they be canceled with this modality, according to the mechanism established by the AFIP.

Agency data they estimate that about 2.4 million people would be in a position to process the loan, including the more than 450,000 monotributistas of categories A and B that received the Emergency Family Income (IFE).

The banking operation for granting the credits was established last Friday by the BCRA through Communication “A” 6993, in which it established that the banks will have up to 2 business days to proceed to accredit the financing.

The credit must be awarded in three equal, monthly and consecutive installments with a maximum of $ 150,000 for the categories D onwards, up to $ 104,370 for category C, up to $ 78,277 for category B and up to $ 52,184 for category A single-tax.

Banks will not be able to refuse payment to clients assigned by AFIP or charge for card issuance or their maintenance, and they must arbitrate mechanisms for the distribution of the cards.

Monotributistas who invoice the public sector, work in a dependency relationship, will not be able to access the benefit, are retired or pensioned or have made purchases greater than 80% of their average monthly income.

Neither those who have invoiced between March 12 and April 12 a figure higher than the monthly average of the minimum gross income of the category in which they are registered.

In the case of the self-employed, they will not be able to request it if they are registered in the single-tax regime or if they are members of the board of commercial companies.

Finally, those who access the credit must use the money electronically, that is, They cannot withdraw it in cash, nor can they buy dollars or carry out operations in the stock market.

Regulation

The AFIP regulated the access and request to zero rate loans for freelancers and monotributistas.

It did so through general resolution 4707 published this Thursday in the Official Gazette.

According to the new regulations, zero rate loans may be requested from 4 to 29 May next.

Then the step by step, to process credit at zero rate on the AFIP website:

1. Enter the “Zero Rate Credit” web service with a tax code on the AFIP website as of May 4, 2020.

2. The AFIP will indicate to each taxpayer the minimum and maximum amounts of the credit that can be granted to you. Each one will have to enter the amount of the credit they want to request.

3. The taxpayer you will have to report the digits of your credit card where you want the funds to be credited.

4. Those who do not have a credit card must inform the bank they choose. In this bank you will be able to request a credit card or an “Account in sight for purchases in shops” where the loan will be credited.

5. The AFIP will inform the Central Bank of the credit in condition to be granted and the amounts of the tax and social security contributions of the Monotributo of the three fiscal periods following the granting, so that they are added to the three quotas that the Bank will credit on the credit card.

6. If it is not appropriate, the system will indicate the reasons why the credit request is denied.

7. The Central will share the information with each bank that issues the credit card.

8. The beneficiaries must request the credit from the Bank. It will not be necessary for you to go physically, you will be able to request it through home banking.

Sebastián M. Domínguez, Partner of SDC Asesores Tributarios, indicated to iprofesional, the 15 keys to access credits at zero rate according to Decree 332/2020, Administrative Decisions 591/2020 and 663/2020 of the Head of Cabinet of Ministers, Communications A 6993 and B 12000 of the Central Bank of the Argentine Republic and General Resolution (AFIP) 4707.

What does it mean to take a Zero Rate Credit?

It means that you are going to take a credit that will have no cost to you.

The State will be responsible for paying the interest on the credit to the Banks.

What are the requirements that I must meet in order to request the Zero Rate Credit?

Be enrolled in the Monotax in any category, from A to K.

You should not be framed in credit situation 3, 4, 5 or 6. In the event of several reported credit situations, the one corresponding to the highest amount of debt will be considered. That is to say, you should not have debts in arrears of more than 90 days.

Not provide services to the national, provincial or municipal public sector for an amount greater than 70% of the turnover in the period 12/03 to 12/04/2020.

Do not work in a dependency relationship.

Not be a beneficiary of a retirement. You can be beneficiary of a pension.

That a decrease in the amount of your electronic invoicing has been verified from 03/12/2020 to 04/12/2020, according to certain parameters.

In the event that the AFIP does not have the information of your electronic invoicing from 03/12/2020 to 04/12/2020, your purchases must not have exceeded certain parameters.
Have the Electronic Tax Address established in the AFIP.

What are the invoice amounts that I should consider to know if I can request the Zero Rate Credit?

The amount of your electronic invoicing, between 03/12/2020 and 04/12/2020, must not have exceeded the amounts detailed below, according to the category in which you are enrolled:

(1) For the monthly average, the maximum gross income of the previous category minus $ 0.01 was considered. For Category A billing was considered $ 0.00.

What are the amounts of the purchases that I should consider to know if I can request the Zero Rate Credit?

Only in those cases in which your electronic invoicing issued from 03/12/2020 to 04/12/2020 is not available, your purchases will be analyzed.

In these cases, purchases should not exceed 80% of the monthly average of the lower limit of the category in which you are registered.

What is the amount of the Zero Rate Credit that I can request?

The maximum amount of the credit that you will be able to request depends on the category in which you are enrolled, according to the following detail:

Where will they deposit the money and in what way?

The money will be deposited in the credit card of your ownership that you choose.

If you do not have a credit card, you can request one at a Bank remotely, online and easily. It is also foreseen that you can request an “Account in sight for purchases in shops”.

The money will be deposited into your credit card in three equal and consecutive monthly installments.

For example, if the credit is $ 150,000, they will deposit $ 50,000 on your credit card for three months.

Will I be able to make cash withdrawals from my credit card?

No. From the moment of the first accreditation and until the total cancellation of the Zero Rate Credit, you cannot obtain cash advances with the credit card.

Is there any extension in the payment of the monthly installment of the Monotax?

No extension has been arranged, but if you request the Zero Rate Credit, the Bank will deposit in each of the three installments of the loan, the sum equivalent to your tax and social security payment of the Monotax.

After the deposit, you will retain that amount and transfer it to the AFIP.

In practice, you are going to be taking a credit for the tax and pension fee of the Monotax 3 months and you will return it under the Zero Rate Credit.

If you have joined the automatic debit, you have to request the “stop debit” for the fiscal periods that are canceled under this modality.

However, you will be entitled to the annual refund of a quota or half quota of the tax component, as appropriate, if you comply with the conditions of article 31 of Decree 1/2020.

Is there a deadline to request Zero Rate Credit?

Yes. You will be able to request the credit from May 4 to 29, 2020, inclusive.

After that date, you can no longer request it unless an extension is provided.

What are the steps that I will have to follow to obtain the Zero Rate Credit?

Enter the “Zero Rate Credit” web service with your tax code on the AFIP website from May 4, 2020.

The AFIP will indicate the minimum and maximum amounts of the credit that can be granted to you and you will have to enter the amount of the credit that you request.

You will have to report the digits of your credit card where you want the funds to be credited to.

If you don’t have a credit card, you have to inform the Bank you choose. In that bank you will be able to request a credit card or an “Account in sight for purchases in shops “where they will credit your credit.

The AFIP will inform the BCRA of the credit in conditions to grant you and the amounts of the tax and social security contributions of the Monotributo of the three fiscal periods following the granting, so that they are added to the three installments that the Bank will credit to you on the credit card. credit.

If it is not appropriate, the system will indicate the reasons why the credit request is denied.

The BCRA will share the information with your Bank, the credit card issuer.

You must request the credit from the Bank. It will not be necessary for you to go physically, you will be able to request it by “home banking”.

How long can it be between the application of the Zero Rate Credit and the first disbursement funds being credited to me?

Once you request the Credit, the Bank must deposit the first disbursement within a maximum period of 2 business days.

How will I have to return the money from the Zero Rate Credit?

The financing has a grace period of 6 months from the first accreditation.

From the following month, it will be reimbursed in at least 12 equal and consecutive monthly installments.

By crediting the first disbursement in May 2020, you will pay the first installment in December 2020 and it will be settled in the summary of your credit card.

What happens if I don’t pay the full balance on my credit card statement?

At the time of maturity, if you make a partial payment of the balance settled on the credit card, it will be charged first to the cancellation of the installments of the Zero Rate Credit.

Will I be able to buy dollars in the exchange market or through the Stock Market?

If you request the Credit, the BCRA will disable you to operate in exchanges for 18 months.

That is to say, you will not be able to buy dollars in the exchange market until November 2021 or until you prepay the credit, whichever comes first.

On the other hand, you will not be able to buy dollars indirectly, such as MEP Dollar operations and with liquidation, even though the National Securities Commission has not issued a regulation related to the subject.

When does the Zero Rate Credit benefit expire and what are the consequences of the expiration?

According to the wording of the Minutes approved by the Administrative Decisions, we would understand that the Zero Rate Credit benefit expires when, subsequently, any of the following situations is verified:

  • Frames in credit situation 3, 4, 5 or 6.
  • You work in a dependency relationship.
  • Be beneficiary of a retirement.
  • Compresses foreign currency indirectly through securities such as the MEP Dollar and the cash settlement.

In these cases, you will have to make the pertinent restitutions to the National State.

It is not expressly indicated if the restitution consists of returning the credit funds exclusively or if they will also ask you to reimburse the financial cost of the credit that was assumed by the National State.

We understand that it should be only from the capital owed. It would be important that both the expiration grounds and the consequences are expressly clarified by the Head of the Cabinet of Ministers in a future Administrative Decision.

Step by step, how to do the procedure on the AFIP website

The brand-new general resolution 4707 “creates the web service called” Zero Rate Credit “, within the framework of the “Emergency Assistance Program for Work and Production – ATP”.

Beneficiaries must enter the AFIP website with a Tax Code enabled with security level 2, as a minimum.

It will be a requirement to access the mentioned system, have an electronic tax address constituted.

Small taxpayers and self-employed workers likely to obtain the “Zero Rate Credit” benefit must:

to) Enter, between May 4 and 29, 2020, both inclusive, to the service called “Zero Rate Credit”.

b) The system will indicate the minimum and maximum amounts of the credit that may be granted.

c) Enter the amount of the credit you are requesting.

d) Enter, if you have, the bank credit card number to be used for this operation.

e) If you do not have a bank credit card, inform the bank of your choice to process the corresponding credit.

The AFIP will make the following information available to the Central Bank of the Argentine Republic:

to) The credit that may be granted, according to the taxpayer’s request, and

b) The total amounts corresponding to the three fiscal periods with maturity after the granting of the credit, for:

b.1. integrated tax and social security contributions, in the cases of small taxpayers, and

b.2. Social security contributions, in the cases of self-employed workers.

If it is not appropriate, The system will indicate to the taxpayer the reasons why the application is denied.

Once the credit has been granted by the bank, it will add, to each of the disbursement fees, the amount equivalent to the obligations of three consecutive fiscal periods.

The bank will carry out, at the same time the loan installment is disbursed, the payment of the “Electronic Payment Flyer” corresponding to each of the fiscal periods, on behalf of the taxpayer.

Those subjects adhered to the automatic debit must request a stop debit for the fiscal periods that are canceled with this modality.

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