Carrot and stick is usually one of the ways to negotiate in Economics. On the “stick” side, this Thursday Customs reported that the “main” strategy that the AFIP is carrying out at this time is to “identify groups of Argentine taxpayers whose characteristics allow us to infer that they have mirror accounts in the United States”. That is, two bank accounts: a declared account A and an undeclared account B.
“AFIP agents know that many banks offered their clients schemes in which account A (declared) was linked to a consumer credit card, while account B (secret) functioned as a custody account, to place bonds. of the Treasury and undeclared financial assets before the treasury”, spread the organization headed by William Michel.
The agreement that entered into force on January 1, published on the US Treasury website, It will allow the Government to access financial information of Argentine citizens at a massive level as of 2024. However, they anticipated that they are already working on “establishing risk profiles”, and if they detect cases that “arise suspicions of evasion”, they will request tax information in case to case. A bilateral agreement signed during the Cambiemos government allows the authorities to request data from 2018. “Only” they have to request them from the US tax administration, the IRS.
“This new line of work of the AFIP will make the money laundering law that the government will try to deal with in Congress especially attractive for taxpayers”reported Customs. In any case, tax officials consulted by Ámbito considered that the “low rates are the main weapon of seduction” that this regime has, according to the accountant Martín Caranta, partner at Litvin & Asociados.
The aliquots range between 2.5%, 5% and 7.5%, depending on when it is laundered, as it appears in the draft bill. In any case, Caranta anticipated that these dates will surely be modified, since the first rate of 2.5% was initially scheduled until March 31. As much as these penalties are doubled for cases in which the assets are kept abroad, Caranta opined that this will not necessarily mean repatriation. “The rates are still low, 5% is also attractive,” he added.
Along the same lines, the tax officer Sebastian Dominguez also assured that the project is “economically convenient”. This is because, in addition, he explained that the assets that must be valued in dollars are converted into pesos at the official exchange rate, and the tax can be paid by converting the dollars into pesos at the implicit MEP exchange rate, so that “the effective rate of tax ends up being around 1.4% in real terms, or 2.8% in cases where there is no repatriation”.
“The cost relationship versus the release of taxes, interests, sanctions and resolution of the issue of criminal prosecution is very beneficial,” said Domínguez, a partner at SDC Asesores Tributarios. However, experts mark some challenges. On the one hand, the politician. “In Senators, approval is ruled out, but the unknown is the quorum in Deputies,” said Domínguez. But in addition, they warn about the “lack of confidence”, due to the changes in the rules of the game, in the increases that occurred in the personal property tax, both in this government and in the previous one.
According to Caranta, one way that the Government has to generate trust is to give “future stability of rules”, in the case of personal property and income tax, “so that it becomes progressive again and does not tax fictitious income, here it could be the carrot of the regime”, he added. In addition, he assured that the project could detail whether taxpayers are released from the solidarity contribution for the year 2020, since assets could increase and more people could be reached. “It does not seem convenient for the regime because some are going to have to pay the money laundering rate and the wealth tax,” he said.
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