The first phase of money laundering has entered its final stretch The deadline to regularize up to US$100,000 without paying taxes expires on September 30. Meanwhile, banks announced that they have already opened some 10,000 CERA accounts and are waiting for the Government to announce an extension.
If there is one thing that government officials recognize, it is that The money laundering was designed to attract dollars to the Central Bank (BCRA) reserves by calling on people to reveal their undeclared dollars, with a focus on cash in the mattress and safe deposit boxes..
And there is time until the end of the month to do so. Accountants and professionals have repeatedly asked the agency to postpone the deadlinesbut AFIP officials denied the claim, although, in the last few hours, it was rumored that there may be an extension and the banks are waiting.
In this context, according to data from the Central Bank on dollar deposits in banks, they have entered since the process was opened around US$4 billion. The consultancy Labour, Capital and Growth (LCG) states that “the final effects of the money laundering remain uncertainbut there is no doubt that the assets chosen as destinations are feeling the impact.”
“Not only does money laundering contribute to the reduction of sovereign bond yields, but it also does so in ONs, shares, or in the investments of the FCI eligible for this purpose,” it says in its latest weekly review.
Whitewashing: closes the first section
Closing the first stage, already Cash cannot be declared, whether in dollars or pesos. Then, it can be declared Offshore accounts and registrable assets, such as cars or homes in position as of December 31, 2023.
In the case of the assets, a non-taxable minimum of US$100,000 applies, Therefore, whoever enters now will pay 5% for what exceeds that amount. It should be noted that for the payment of the tax is taken at the current official exchange rate and not the exchange rate at the time of purchase.
In the case Of cash, the US$100,000 become tax-exempt minimumsThat is, what is below does not pay, and what is above pays the tax in full.
The three stages of bleaching
The three stages of bleaching are as follows:
- First stage: until September 30, 2024, a 5% rate is paid on the surplus of US$100,000.
- Second stage: until December 31, 2024, the rate is 10%.
- Third stage: until March 31, 2025, the rate rises to 15%.
How many CERA accounts were opened
Although there is no precise data yet, Banco Nación recently reported that it expected to open some 10,000 special accounts for this process.It can be assumed that the rest of the system as a whole would have many others open.
Source: Ambito
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