The Argentina Fintech Chamber He issued a statement on Thursday, expressing his concern for the “Impact of the persistent and growing tax pressure on the technology and financial industry in the country.” They also explained that The increase in “distortive taxes represents a stocks for development.”
In the brief, the “decision of certain provinces and technical areas of the National Administration” is pointed out in relation to said increases, putting as an example the gross income or the debit and loans on third -party funds flows.
Under that line, in the brief they detail: “Today, The only brake on the digitalization of the economy is the fiscal weight that applies to the people and businesses that choose to pay or charge with electronic means. The existing tools, available by multiple actors of the technological financial system, have proven accessible, simple use and mass adoption. It is not an issue of availability or capacity for use, but of viability before the tax burden“
In addition, they pointed out the impact of the measures, which “extend to the entire economy”:
- Encrying of financial and payment services for merchants and consumers.
- Increase in the cost of credit, which directly affects the capacity of entrepreneurs and SMEs to access financing.
- Loss of competitiveness of jurisdictions, discouraging investments and hindering the generation of employment in strategic sectors.
- Risk for the sustainability of technological companies that have made important investments in innovation and development.
A setback against the advances achieved
“In a context where the Fintech ecosystem has proven to be a key tool for the formalization of the economy, disproportionate fiscal pressure is a decline in the face of the advances achieved in financial inclusion. The encumbrances applied to balances or billing – without considering the operational margins – They are not only regressive, but that discourage the digitalization of the economy“They added.
As for tax burden, they describe gross income as a “Distortive and voracious tax, since it is taxed on the amounts invoiced and not about the utility”, which means that “a company, even if it lost money, must pay it”. In that sense, they stressed that in “the last months, some provinces chose to rise aliquots to add more tax pressure, which in some cases reach the confiscatory 16.5%.”
And he adds: “With regard to IDC, current It generates an inequality of conditions between them and the rest of the actors of the financial system, and a pressure above the contributory capacity of many of the companies. This situation also affects certain companies linked to collection on account and order of third parties. “
In the case of Virtual Assets Suppliers (PSAV)also known as “Crypto Exchange“They explain that” this discrimination adds to the fact that, in recent months, they had to assume greater operational and administrative costs when the Financial Information Unit (FIU) and registered in the National Securities Commission (CNV) “were incorporated as regulated subjects” .
“The commitment of this industry is Continue to be an engine of transformation and progress for the countryalways from a collaborative and constructive approach. For this, the public-private articulation is indispensable to make visible these realities and agree on schemes that favor innovation, competitiveness and development of the sector, “they said.
And they closed with an order: “The Fintech Chamber makes a called to the authorities of all levels to work together to reduce tax pressure on people and businesses to favor competition, investment and sustainable growth of the economy of our country“
Source: Ambito
