Although, in this last case, the general idea of the organization is not to accompany money laundering projects (neither for Argentina nor for any country), in the particular case of the project being discussed in the Senate, it is a way of achieving dollars that are not within the local financial system. And that its sole purpose is to set up a savings account to guarantee the occasional future payment to the Fund itself. For a case like Argentina, in which everyone doubts the country’s ability to comply when the quota organization chart agreed for 2026 begins to operate, any guarantee is welcome. “As long as it is well explained,” according to the condition heard by the Argentines present at the joint summit in Washington between the IMF and the World Bank.
In the case of the “unexpected income” tax, the support is more explicit. Not only is it a project supported by the organization globally, but the Fund always considered that the country should concentrate its tax scheme on income tax rather than VAT. IMF technicians believe that Argentina needs radical changes in its way of conceiving the tax system, concentrating more on income than on consumption taxes. More in times of economic growth.
Although there is conviction that the current is not the time to change a source of income such as VAT, especially with inflation, which results in higher collection from the rise in prices in the internal market, the idea of always in the IMF is to increase the pressure of Earnings over any other tax. Washington also believes in Martín Guzmán’s vision that it is justifiable for companies that increased their turnover and sales levels due to the rise in international commodity prices to make a temporary and concentrated contribution in the 2022 financial year. To apply it, like any other tax, the IMF has no opinion and leaves it to the governments to regulate and execute.
Beyond these guarantees to these sources of income to face the goal of a maximum deficit of 2.5% of GDP, the Fund wants the Government to advance on another issue and to comply with an explicit commitment that appears in the Facilities agreement Extended approved by the Board of the body on March 25 last. The IMF technicians want the Executive and the provinces to specify the increase in the local real estate tax, which would lead to a guaranteed future rise in the collection of Personal Assets. This is a promise from Guzmán, who guaranteed the agency that he would move forward with the project to collect approximately 0.6% of GDP this year. And on which the Federal Capital, the main potential contributor, has already spoken out against.
Source: Ambito
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