The law passed unanimously in Congress last 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 Real Estate Transfer Tax was authorized. If there are no changes in the parliamentary debate, the same conditions will be repeated.
Since the middle of last year, the Argentine Chamber of Construction has been requesting the extension of this plan known as the Argentine Federal Construction Incentive Regime and Access to Housing. The business entity rightly argues that this first stage, with better conditions, could not be used due to delays in regulations. Specifically, it was only available for five business days.
The expectation of the economic cabinet is that money laundering serves to attract dollars that are now outside the country but also helps to channel those currencies that are “under the mattress” into new investments. The proposal that its validity be extended throughout the year had already been included in the 2022 budget project. When the initiative was rejected on the premises, the Executive decided to include the treatment of this regulation in the extraordinary sessions discounting that the opposition will accompany such as it did in 2021.
In the Government they highlight the progress of the construction sector as one of the encouraging data of the economic recovery and they bet that the sanction of the regime configures a new impulse. They point out that the activity showed a growth of 8.3% year-on-year last October, which accumulated a climb of more than 37% in the first ten months of 2021 and that more than 30,000 job sources were incorporated only during the last four months. Another point of interest is that the sector demands inputs that are mostly manufactured in the country. “90% of the value chain is here, so the dollars that enter through one door do not leave through the other,” synthesized an official.
From the Argentine Chamber of Construction they also promote a project that has the endorsement of the Minister of Economy Martín Guzmán, to generate mortgage loans tied to the Hog.Ar formula, which is calculated through the Salary Variation Coefficient. The initiative provides for the creation of a Coverage and Promotion Trust Fund (FFCP) that would serve as a tool to promote the acquisition of housing.
Source From: Ambito
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