But beyond the relevance of the macro projections, two articles related to dollar laundering appeared surprisingly in the law of laws.
Two articles of the initiative incorporate new destinations for the funds that are laundered through Law No. 27,613 -called the Incentive for Argentine Investment, Construction and Production- which had been enacted on August 22 last.
In article 71, the Budget establishes that the funds that are declared (which must pay between 5 and 20% according to the original rule) “may also be used for the acquisition of a used property.” Let’s remember that Until now you could only buy new units or units under construction.
The purchase of used properties, however, will have limitations: it must be destined for the home of the person who launders money and his family or, “for a period of not less than 10 years”, for rent with the exclusive destination of a house-room (that is, not commercial).
The whitening period would be 6 months and there are no money laundering restrictions for those who already have properties in their name. Thus, a taxpayer could have other real estate and buy a used property to use as a home and thus qualify for money laundering.
dollars for imports
On the other hand, in article 72, it is enabled to use undeclared dollars to bring merchandise from abroad into the country. This is an initiative that Cgera presented this week to the Secretary of Foreign Trade, Matías Tombolini.
To do this, create the “Argentine Investment and Production Incentive Regime” through which residents in Argentina will be able to launder dollars in the country and abroad for one year but only to pay for imports for consumption, including services, intended for production processes. The funds must be deposited in a Special Deposit and Cancellation Account for Argentine Investment and Production “in the manner and within the terms established by the AFIP and the Central Bank,” says the initiative.
The tax that must be paid in this case is similar to that established for Construction: from the date the Regime enters into force and until 90 calendar days have elapsed: 5%; from the 90th to the 180th day: 10%; from day 180 to year: 20%. The dollars will be valued at the purchasing exchange rate of Banco Nación.
Budget 2023
With the presentation of the project, the National Government complied with the Financial Administration Law that establishes that it must be presented every September 15. The project proposes a total expense of 28,954,031,315,031 for current and capital expenses of the General Budget of the National Administration for the Year 2023,
The project rotated by the National Government is signed by President Alberto Fernández, the Chief of Staff, Juan Manzur and the Minister of Economy, Sergio Massa. In the fundamentals, the ruling party points out that the “budget that is presented tends to macroeconomic stability, to the recomposition of the purchasing power of income and to the strengthening of the internal market.”
“Advancing in the fiscal order will allow reducing the monetary financing of the deficit and will lead to a situation of fiscal solvency,” he adds.
It points out that “at the same time, public policy must deepen industrial and scientific-technological policy to stimulate private investment, generate more and better employment and strengthen the external sector, by increasing exports of goods and services.” He emphasizes that “based on fiscal order, the increase in exports and their added value, and the increase in the rate of investment, we will be able to reduce the inflationary scourge that our economy and population are suffering.”
Last night, official sources indicated that the 2023 Budget project foresees a growth of the Gross Domestic Product of 2% for the next year and an inflation of 60%.
With regard to the price of the dollar, the bill, designed by the Minister of the Economy, Sergio Massa, provides for “keeping the exchange rate up to date” for which it is expected that by next December it will be $166.50 per dollar and ending 2023 at $269, with an average of $219 throughout the year, the sources noted.
They also specified that the projection of the primary deficit for next year will be equivalent to 1.9% of GDP, against the 2.5% forecast for 2022, in line with the commitment assumed by the national government in the agreement signed with the Monetary Fund. International (IMF) last March. This drop will be made from a reduction in subsidies and the elimination of some current tax exceptions.
On the other hand, in the foundations it is reported that “the ministers and other officials of the National Executive Power are at the disposal of the legislators and the legislators to answer the queries that arise in relation to the Project that is proposed.”
Source: Ambito
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