The Government assures that no public works will be stopped

The Government assures that no public works will be stopped

From the portfolio that Katopodis leads, they qualify the news. They explain that the 2022 budget of the Ministry of Public Works was approximately $500 billion and an execution of $600 billion is already projected. In this sense, the cut of $20 billion established in the resolution of the Official Gazette only represents 3% of the total budget. “It is important to note that no Public Works in execution in Argentina are stopped, only the start of some specific water works is postponed, between 30 and 45 days,” explained sources close to the minister.

Along the same lines, they highlight that the level of execution reached in 2021 represented 0.92% of GDP and marked a growth of 90% in real terms compared to the three previous years. In this way, it reached the highest levels of the last ten years, approaching the budget ceiling that the portfolio reached between 2011 and 2013.

Bet on private work

The Government is also betting that private works sustain the rate of growth in the construction sector. For this, the Law of Incentive for Argentine Federal Construction and Access to Housing was enacted, which will extend the money laundering regime for construction for one year.

Money laundering is intended to make investments in construction for own use or development of real estate projects that are 50% advanced at the time the law enters into force or can be completed within a period of 360 days. The laundered amount is exempt from the Personal Assets Tax. In addition, it exempts the capital from the payment of the Income Tax, the check, the undocumented departures, and the transfer of real estate and VAT.

Official sources confirmed to Ámbito that the AFIP regulations will be in force on Wednesday and that in addition to money laundering it will include other types of benefits.

Source: Ambito

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