2023-08-31 02:22:00
The Budget and Finance Commission of the Chamber of Deputies gave an opinion to the draft externalization of Argentine savings. Of 36 present, 25 deputies signed the opinion of the majority of the text sent by the Executive Power.
The measure contemplates the “establishment of a general regime of voluntary declaration of non-externalized Argentine savings” and “a simplified declaration regime”.
According to the project, the provisions “complement the global advances in the exchange of tax information that are being carried out in order to guarantee international tax transparency.”
From the opposition, the deputy Germana Figueroa Casas (PRO) referred to the context of the project and said that “it is estimated that 45% of the economy is informal, this means that there are movements of money and goods out of circuit” .
“With the great tax pressure, added to inflation, there are many businesses, people and companies that a part, or the total, leads them towards informality. Added to this are the restrictions on the purchase of dollars,” he added.
“How do we formalize that economy? Bleaching is a tool. The issue is that, for money laundering to be successful, trust has to be generated, not in a government that is coming to an end, where the economy is very complicated,” said the PRO deputy.
For his part, Deputy Marcelo Casaretto (Front of All) explained the scope of the exchange of information with the United States, achieved at the end of last year.
“Many of the funds in tax havens have been moving towards the United States, which is why it is important to move forward with the exchange of information with the main power,” he said.
“The government proposes this project by which, prior to this exchange of information, this regime of voluntary declaration of Argentine savings is proposed. It gives the possibility that those who have undeclared assets can present themselves with the payment of a tax that is reduced at the beginning and increases over time”, explained Casaretto.
“The objective is that they enter voluntarily, if they were detected, they would have to litigate to collect the capital, interest and fines,” he summarized.
Finally, the head of the Commission, Carlos Heller (Frente de Todos) said that it is estimated that there are 435 billion dollars not declared abroad. “The information exchange regime with the United States is an enormous possibility that Argentina has to achieve the reentry of these funds,” he explained.
At the same time, he recognized “the displeasure that the externalization regime has because we are talking regarding individuals and companies that have not complied with the law.”
“This is done with a Nation perspective. We are talking regarding a regime that will remain in force for one year and whoever governs will have this tool to act in defense of the national interest,” Heller concluded.
Last week an informative meeting on the project had been held, with the participation of Carlos Castagneto, administrator of the Federal Administration of Public Revenues (AFIP) and Guillermo Michel, General Director of Customs.
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