For the economist, US$1 trillion is the gain in public revenue that could be achieved if corruption were reduced by a third worldwide. “These figures shine a light on the hidden corners of the global economy, the money that escapes the reach of tax collectors, regulators and law enforcement agencies. It is also the illicit proceeds of bribes, the product of regulatory arbitrage and profits from fiscal domiciles that some consider equivalent to tax evasion. As a whole, they are detrimental to the common good. It is lost money that could be used to improve people’s lives,” he said in the statement.
He also considered: “The rise of digital finance, crypto assets and cybercrime adds to these challenges. Consider the so-called “dark web”, a hidden market that encompasses everything from stolen identities to weapons and drugs. These practices, Illicit or legitimate, they have a major impact on public revenues around the world, and the international community is increasingly being urged to eliminate regulatory gray areas.”
“The loss of trillions of dollars represents a threat to our well-being. It contributes to the weakening of trust in government and undermines its ability to address key economic problems, such as inequality and poverty,” he concluded.
What is the proposal presented?
The block of senators from the Frente de Todos presented a legislative project that contemplates the creation of a “National Fund for the cancellation of the debt with the IMF”. The initiative contemplates a special emergency contribution for the payment of the loan contracted with the agency, to be paid by those who have escaped assets abroad and not declared before the treasury.
“This contribution will not represent a new tax burden for the majority of Argentines, since it will only be up to those who have assets abroad, are evading taxes or laundering money. Those reached by this contribution must make a contribution of 20% of their undeclared assets, which must be paid in dollars”, reads the bill’s fine print.
Meanwhile, the initiative clarifies that “in the case of declaring the assets after six months of the entry into force of the law, the rate will rise to 35%.” On the other hand, it indicates that those who “do not comply with the payment of this contribution run the risk of being sentenced to prison, as stipulated by current law.”
Source: Ambito
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