Interview with Maria Paula Moreira, Partner, Tax, Deloitte S-LATAM
1. What is the most significant change to your region/jurisdiction’s tax legislation or regulations in the past 12 months?
The most important changes in my jurisdiction, Argentina, were introduced by the Law of Foundation, which came into force in July 2024. This law has enabled the government to implement several measures aimed at deregulating the Argentine economy, namely the reform of governmental institutions, the privatization of national entities, labor flexibility, and a fiscal stimulus plan.
This fiscal plan includes a tax amnesty, a tax moratorium, and a tax incentive regime for large investments.
2. What has been the most significant impact of that change?
Considering that the regulations are relatively new and their implementation takes time, it is too early to measure their impact. However, the combination of the changes introduced to the economy and the tax incentive regime has led to inquiries from a number of foreign companies with no current presence in Argentina seeking Deloitte’s assistance on the implications of setting up in various regions. Their main interests lie in the mining, infrastructure, oil and gas, and tourist fields.
Locally, small and medium-sized companies and individuals have utilized the benefits of the tax amnesty and the tax moratorium to regularize their tax issues. According to the latest information provided by the authorities, this has injected approximately US$32 billion in assets into the Argentine economy.
3. How do you anticipate that change impacting your work and the market moving forwards?
We understand that if these new players decide to settle in Argentina, the market would greatly benefit from the new investments in terms of industrial expansion, labor recruitment, and increased work for local suppliers. Eventually, the growth of commercial activities and the injection of funds into the economy could be expected to strengthen the fiscal balance and economic performance, a scenario that could improve the reputation of Argentina from an investors’ point of view.
For Deloitte, such an environment would be highly conducive to the provision of additional services and the development of new tax tools to assist different stakeholders, with a view to offering them the right tax advice and structures to suit their needs.
4. How has this changed the way you offer tax advice?
We are deeply committed to the incorporation of technology into our range of services and see it as the key for both us and our clients to benefit from greater efficiency the new fiscal and business scenarios play out not only in Argentina but also in the rest of the region, the need for technology and innovation in tax services will only increase.
5. What potential other legislative/regulatory changes are on the horizon that you think will have a big impact on your region/jurisdiction?
The current government in Argentina has expressed its intention to simplify the existing tax structure from an administrative stance, given the complexity of the current Argentine tax system.
Although there is as yet little information on details of the intended tax changes, the authorities have stated that they are analyzing the reorganization of the tax system with a view to eliminating taxes with low returns in relation to the costs of collection.
6. What are the potential outcomes that might occur if those changes are implemented?
We believe that the application of such measures could have a positive impact on the tax system as it would eliminate unnecessary administrative costs as well as the number of fiscal obligations taxpayers must comply with. In this context, taxpayers would be encouraged to modernize and update the processes and methods applied at the fiscal level, which would generate an initial impact in terms of the adequacy of systems and personnel training, in turn resulting in greater efficiency, a reduction of mistakes, better control of and follow-up on obligations, and improved tax certainty.
7. Do you think that change will have a positive effect on both your practice and the wider regional/jurisdictional market?
Without any doubt, changes always lead to opportunities that we, as fiscal consultants, must address for the market to adapt promptly and appropriately. For that reason, it is important to follow up on the tax issues on the government’s agenda and to offer our clients the necessary support.
8. Are there any regulatory/legislative changes you believe should be implemented in your region/jurisdiction?
Argentina underwent an important tax reform at the end of 2017, which was not actually intended as a simplification of the fiscal system.
Personally, I believe it is necessary to make a significant reform of the tax system, which includes national, provincial, and municipal taxes, with the objective of simplifying it, both at an administrative and interpretative level and updating it to reflect modern business practices.
This could result in a more efficient system that could offer greater certainty and predictability to taxpayers.
9. How do you believe those changes would help improve the tax landscape in your market?
A simplification of the tax system would lead to the elimination of low-collection taxes and a number of tax obligations that generate high costs in terms of compliance for taxpayers, as well as considerable administrative expenses for the state. This situation would improve the operation of the Argentine tax system, and generate greater trust in it.
10. How are issues surrounding the taxation of the digital economy affecting your work?
While specific new standards associated with the taxation of the digital economy have already been introduced in the region, there are still potential opportunities to tailor the tax system to new transactional styles.
As advisers, we should always be abreast of tax updates from a normative point of view as well as an interpretative one, as it is fundamental to be able to analyze evolving jurisprudence that the authorities apply. Additionally, we should understand that new business models often impact more than one geography or region, giving clients a global perspective that Deloitte must match to be able to advise appropriately.
11. How would you describe the tax authorities’ approach in your region/jurisdiction?
In our region, fiscal authorities have incorporated technological tools to automate different processes. In particular, in Argentina, the tax authority boasts a variety of tools focused on data cross-referencing, which allows it to detect inconsistencies fairly easily. As a consequence, fiscal audits have sped up, and taxpayers have had to update their tax processing capabilities to reduce mistakes.
Further integration of technology could change the current way in which taxes are processed to the extent that, in the future, the tax authority might prepare the tax calculation and submit it to taxpayers for subsequent payment. Even if this approach is applied gradually, it will be important to be alert to the ultimate vision and likely future developments and be ready to adapt.
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