The Government sent to Congress the new money laundering bill. This is the same idea announced in November last year, which was tied to the signing of the tax information exchange agreement with the United States (Foreign Account Tax Compliance Act-FATCA). Laundering provided taxpayers fearful of discovery a door to regularize their situation.
Two problems arose from that moment: Congress did not deal with the project in extraordinary sessions and, although the agreement is in force, it is not yet operational for the US tax authorities.
One of the clauses of the agreement says that for Washington to start sending the information of Argentines in that country since January 1, there must be a statement from the Treasury Department that certifies the security of tax secrecy in Argentina.
Until now, this had not been published on the agency’s website. That’s why the Internal Revenue Service (IRS) can take its time. “We have no news that the US has issued the note confirming Argentina’s processes in terms of tax secrecy and in terms of efficiency in the information exchange processes,” explained Guillermo Pérez, CEO of Grupo GNP.
As for the project that the Executive Power sent to Congress, it is very similar to the one that was in extraordinary. Except that dates were changed and the cost of externalizing increased. In the original they were 2.5% for those who entered in the first 120 days; 5% for the second 120 days and 7.5% for the third 120 days. Now it is 10%, 15% and 20%.
Pérez points out that with these costs “there will be no one who wants to launder.” In this sense, Sebastián Domínguez, partner of SDC Asesores Tributarios maintains that “the Executive Power has presented the money laundering project that it had announced at the beginning of the year with the introduction of modifications that make it less attractive.” In the same way that Diego Fraga, from Expansión Business, maintained that “in the current situation in the country, with record tax pressure, overloaded exchange rate stocks plus hyperinflationary crisis, it is very difficult for a new fiscal disclosure to be successful.”
carlos lamiral
Source: Ambito
