As the president of the Chamber of Deputies announced days ago, Sergio Massa, the end of the legislative year, with the extension of the ordinary sessions, and the beginning of the following period, with the call for extraordinary sessions, will be marked by the debate on initiatives with a strong impact on the real economy. In this framework, the ruling party will seek to transform into law a project that provides tax incentives for the construction of new works.
The regulation seeks, among other points, to reissue in 2022 the money laundering that was carried out this year to direct funds to the sector. The companies had been pointing out the need to extend the law. They argue that, due to delays in implementation, the first stage, which is the one that concentrates the most benefits, was only in effect for five days.
“With all the difficulties that arose due to the delays in implementation and also due to the complications of the pandemic, last year more than 200 million dollars were laundered between the three sections,” an important construction businessman told Ámbito. At the same time, he detailed: “90% was done during the first tranche, so obviously that part is the one that generated the most interest.”
The law passed unanimously in Congress this year promoted a special tax on laundered funds of 5% for the first stage, 15% for the second and 25% for the third. The value of the investments was also exempted from the personal property tax until the completion of the work and a deferral of the payment of the Property Transfer Tax was authorized. It is expected that in this case those same conditions will be repeated.
The proposal is viewed favorably by different members of the economic cabinet. In the scenario of shortage of foreign exchange, laundering would represent an entry of dollars into the formal circuit that would help promote employment in a sector that uses more than 90% of inputs manufactured in the country. Therefore, the maneuver of old schemes where dollars entered through one window and left through the next would not be repeated.
Official sources told this media that the project will also include a new financing regime for the purchase of homes. One of the central points will be the creation of a national mortgage agency that will aim to promote the growth of the volume of loans.
“What is proposed is that those who have deposits in pesos can save by covering inflation, with that they would give credits that will vary depending on the salary, punctually due to the coefficient of salary variation,” they explained to Ámbito from the Argentine Chamber of Construction (Camarco). In the event that there is a mismatch between the funds collected and the loans granted, the difference would be compensated by a fund that would be financed by the State, multilateral organizations and also banks.
Tomorrow afternoon the International Construction Day will be celebrated in the old El Molino confectionery, located in front of the Congress. The event will be attended by President Alberto Fernández, Massa and several members of the Economic and Social Council. In this context, it is expected that specific mention will be made of the project that has the endorsement of Camarco.
Source From: Ambito
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