Income tax: reschedule of due dates for advance payments and withholdings

General Resolution (AFIP) No 1756/2004 was published in the Official Gazette on October 26, 2004. This resolution exceptionally modified the schedule for advance payments (“anticipos”) and withholdings corresponding to the income tax originally scheduled for December 2004.

As expressed in the resolution, the modification was decided by the Government in order to alleviate financial duress of taxpayers and employers in a moment close to the end of the year.

The resolution sets forth that the due dates of the entities’ advance payments, originally scheduled for December 2004, are postponed until January 2005.

The due dates for individuals and estates, also originally scheduled for December 2004, has been postponed until March 2005.

The withholdings to be made to employees in December 2004 were also rescheduled. They will have to be made in three equal installments during the year 2005: the first withholding will have to be made with the payment of the compensation corresponding to January 2005. The second withholding will have to be made with the payment of the compensation corresponding to February 2005, and the third withholding will have to be made with the annual liquidation, which is due on the last working day of February 2005.