What is the extra fiscal expense that the Government must face in 2025?

The Government achieved throughout 2024 to give it what it considers a solution to the debtthat had remained of the importers of the previous year. He did it through the delivery of the Bonds for the reconstruction of a free Argentina (Bopreal) To companies.

That exit that gave him The debt stock of the private ones can generate a headache from the fiscal point of view, because some of those instruments can be used to pay taxes and the figure is not lower.

According to data that the year had been able to collect After the BCRA, the debt of the importers was about US $ 57,000 million, But in reality, when the Ministry of Industry and Commerce made a count, some left some U $ 42,000 million.

The difference is that some of those who had debts with their suppliers achieved agreements and They paid without buying dollars from the Central Bank. That is why the entity failed to register that private operation.

Of total bopreal issued, There are about US $ 5,000 million of the 1 series that expire in October 2027, that had what in the jargon of the capital market is known as “sweetener”, that is, an advantage for the subscriber. That was that with them you can pay taxes.

This year, according to the former Customs Guillermo Michel, The holders of those bonds, of series A, B and C, can use them to cancel debts with the Customs Collection and Control Agency (ARCA) since April 30 From now on.

What the former team of former Minister Sergio Massa raises is that The exchange rate to which ark can take it varies between what is known as Dollar A3500, the official dollar of the importers, or the one with liquidation.

According to data from the Central Bank at the time of tenders that were carried out throughout last year, of the first series About US $ 5,000 million were issued, including the 1D series, that cannot be used to cancel tax debt.

So, if forged, they will be used US $1 billion To cancel commitments to ark the potential Loss of tax collection would be between $ 1,054 billion up to $ 1.2 billion To current contributions, the A3500 to $ 1,054 and the CCL at $ 1,200.

Michel points out that the company he has in his power Baprelaes It will use “the implicit exchange rate that proves to average the sale of eligible public titles acquired with liquidation in foreign currency with transfer in the local square and sold with liquidation in local currency during the 5 business days before each reference date ”.

“Then, a Importer to pay your taxes will do it with the Bopreal, but applying not the official exchange rate, but that of the CCL. If we consider the 1st issuance of US $ 1,000 million, The difference between both exchange rates is $ 130,000 million, ”says the former official.

Michel argues that “If these US $ 1,000 apply to co -participible taxes, the provinces would lose $ 75,000 million of co -participation (approximately) ”.