After Catamarca and Tucumán took the lead, the Argentine government expanded its fiscal information exchange agreements to include Chubut and Entre Ríos. This move is part of the new Simplified Income Tax Regime aimed at encouraging people to move their savings from under the mattress into circulation.
The signing ceremony was attended by key government officials including Chief of Cabinet Ministers Guillermo Francos, Vice Chief of Cabinet of the Interior Lisandro Catalán, Minister of Economy Luis Caputo, and Executive Director of the Revenue and Customs Control Agency (ARCA) Juan Pazo. Governors Ignacio Torres (Chubut) and Rogelio Frigerio (Entre Ríos) represented their respective provinces.
“What we aim for is clear: to ensure that the state does not pose a threat to savings and investments, guaranteeing that Argentinians can freely access their resources,”
emphasized Francos in a statement posted on his X account.
The government highlighted that provinces failing to join the Regime would lose access to crucial information such as individual and corporate billing data, as well as expenditures surpassing ARCA’s set thresholds currently at $50 million. The presidential spokesperson Manuel Adorni stressed the government’s goal of restoring citizens’ freedom to use their money as they wish.
“In this new era, everyone is considered innocent until proven otherwise by ARCA,”
Adorni stated during the regime’s unveiling. In efforts to garner broader support, Francos and Caputo engaged in virtual meetings with representatives from 17 provinces last Tuesday. The objective was to attract savings from self-employed individuals, small businesses, professionals, and employees under dependency contracts back into the financial mainstream.
Initially hesitant about endorsing the program and considering levying taxes on savers’ dollars, Axel Kicillof’s administration seemed open after talks between ARBA’s Cristian Girard and ARCA’s Juan Alberto Pazo. Girard assured that there would be no witch-hunt against dollar holders or hindrance towards dollar usage.
“We are not against dollar transactions or economic activity,”
he confirmed during a press briefing in La Plata.
This initiative reflects Argentina’s endeavor towards greater financial transparency by incentivizing individuals to formalize their holdings within established frameworks rather than resorting to informal storage methods like keeping cash under mattresses.
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