The head of government, Horacio Rodriguez Larretaannounced this Thursday that it will return to the taxpayers the amounts collected for the tax on Credit cards.
The measure aims to continue with the process of “tax relief”since the Supreme Court ruled in favor of the Buenos Aires claim against the national government for the unilateral withdrawal of co-participation funds.
The City will return the tax to credit cards
At a press conference, larreta gave the details of the measure, which they estimate will generate a disbursement of $11 billion from the City to taxpayers, as a refund of the amount in the statements of the credit cards of the users who were affected.
Ámbito consulted how the operation will be to refund the value of the Stamp Tax on Credit Cards, applied as an emergency rate for the withdrawal of funds from the nation to the City to give to the Province.
How will the refund be in the card statement?
These are co-participation resources that the Supreme Court ordered to restore to the City last December. From there, the Buenos Aires Executive carried out actions that tend to remove and/or suppress taxes, as part of the “zero cost” policy.
The refund will be, on average, $3,200 per bank statement. The total resources to be returned will be, they estimate from the City Government, of $11,000 million.
First, they explained that the refund will be made on the taxpayer’s credit card statement. There the user will see that an amount is credited, that is, the amount corresponding to the return.
from when
This returned amount will automatically be deducted from the total balance of expenses in the statement. In this way, the difference in the amount will be paid.
From the Buenos Aires Government they clarified after the announcement that the refund of the tax on credit cards will be from the moment in which the City Legislature approves the project, which will be sent this Friday. They estimate that, if there are no complications, the initiative will be discussed and approved next week and there the steps will be taken to make the refund operational.
Consumption with credit cards grew more than 20% in one year
According to the measurement of Prisma Means of Payment Index corresponding to first quarter of 2023 (January, February and March), “there is an interannual growth of the credit card operations 22.44% and 6.27% with Debit“.
This index is a market study that uses as a basis the statistical information available to the company Prisma Means of Payment from the different products it manages, such as the POS terminals and the Payway payment gateway, the Banelco ATM network and the electronic payment of taxes and services in PagoMisCuentas.
“Cards continue to gain ground over cash. There is an interannual growth of credit card operations of 22.44% and 6.27% with debit card”, commented Julián Ballarino, Head of Institutional Relations at Prisma Medios de Pago.
At the same time, the trend of growth in debit card usage for purchases to the detriment of cash extraction. “The growth of extractions by businesses continues due to its capillarity, security and comfort for users.”
Refering to consumer financingthe report reflects what in the first months of the year “inflation did not let up the pockets“. “The trend of preference for short financing plans continues,” explained Ballarino.
What are the items that grew the most?
The items that grew the most year-on-year in card transactions are:
- Pharmacies with 20%.
- Restaurants with 19%.
- Auto parts and Motorcycles with 18%.
Source: Ambito
