Money laundering for undeclared funds: those who adhere in the first stage must pay 2.5%

Sergio Massa
Sergio Massa

The money laundering project prepared by the Ministry of Economy establishes extremely favorable conditions for those who want to join.

Those who decide to externalize assets until March 31 will pay a rate of only 2.5% of that externalized amount. In the case of accounts abroad, if they decide to repatriate the funds, that level will be maintained and they are kept outside the country, double the rate will be applied, that is, 5 percent.

This is established by the special regime called “Voluntary Declaration of Non-Externalized Argentine Savings”, which Sergio Massa will be presented today for treatment in Congress.

The new laundering will be much cheaper than the one offered by Mauricio Macri five years ago

The Minister of Economy thus complies with the provisions in the tax information exchange agreement that the Government signed with the United States. There a new possibility was established so that investors could externalize undeclared assets, just before the scheme fully comes into force.

In addition, there will be a simplified regime so that small and medium investors can externalize undeclared assets, when the maximum amount does not exceed $50,000. In this case, the rate will be only 1.5 percent. To enter this regime, you will simply have to submit an informative affidavit. It could be an ideal scheme for people who need to buy a good but do not have enough funds, for example for a car or an apartment. With this externalization scheme they could get the resources they need from the tax point of view.

Massa with Ambassador Marc Stanley the day the agreement was signed
Massa with Ambassador Marc Stanley the day the agreement was signed

On the other hand, a scheme is established that provides more benefits to those who join early. The best part is for those who declare until March 31. On the other hand, the rate for those who externalize undeclared assets from April 1 to June 30 will be 5%, which will increase to 10% when the funds remain abroad. And it goes up another step to 7.5% if the externalization of assets takes place between July 1 and next September 30 (without repatriation it increases to 15%).

The “carrot” of laundering is that it is very cheap, taking into account that the one carried out during the government of Mauricio Macri established a 10% rate for those who decided to externalize.

If the externalization is with assets from the country or they are repatriated, then the rate is 2.5%. It doubles if the goods remain abroad. But at the official exchange rate the effective fines are reduced by half

Now it is discounted that investors will be much more reluctant to accept the “invitation”, especially after the increase in the rate of Personal Assets up to 2.25% per year, when initially the Macrista government had proposed a possible reduction up to 0.25 percent. hundred. In addition, Kirchnerism itself applied the so-called tax on large fortunes to obtain resources that would alleviate the effects of the pandemic.

But in addition to being a very low rate, there is another aspect that will play in favor of those who are thinking of whitewashing. By taking the official exchange rate, the fine in dollars drops substantially, almost in half. This happens because it is assumed that the payment of the corresponding rate must be made in pesos, which allows earning the gap of $170 up to $340, the last value of the free dollar.

The rate for those who externalize undeclared assets from April 1 to June 30 will be 5%, which will increase to 10% when the funds remain abroad

Taking the exchange rate gap, it implies that the real cost of laundering would be less than 1.3% for those who enter in the “early phase” and 2.6% for those who decide to leave their assets abroad.

According to the text to which he had access infobaeboth undeclared accounts and real estate will be accepted for the externalization of assets.

It was also clarified that the subjects who enter laundering “will be released from all civil, commercial, criminal tax, foreign exchange criminal, customs criminal and administrative infractions that may correspond to the declared goods.”

On the other hand, it is provided that public officials who have held positions since 2010, therefore those who worked in the administrations of the governments of Cristina Kirchner, Mauricio Macri either Alberto Fernandez.

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