The Government has already started the device, which from January 1 will force backers and investors of all sizes to pay the Financial Taxes Tax. Both Deposits for fixed terms and investments in bonds and Mutual Funds will be charged at a quarter percent of profits, if they are dollars, or 15 if they are in a local currency. The non-imposible minimum for this type of income will be only more than $ 66,000. It is the second cut of the application of the tax.
The Secretary of Public Revenue, headed by Andrés Edelstein, has already signed a draft decree for the Tax of Income to his website. There, satisfaction and professionals of economic sciences will have space to make observations and offer changes. The decree must be sanctioned before the end of the year, so that the Federal Return of Public Return (Afip) governs the resolutions that operate the new provisions.
The first part of this money began to apply earlier this year. It is the few people that have influenced non-residents' financial revenues. Rapid of opposition, the government of Mauritius Macri wanted to give a progressive image. He progressed with the tax that affected the Lebac, which he published in the Central Bank. The effect was co-founded by foreign investors who entered to take advantage of the high volume products of the letters, combined with a quiet dollar. Then the price of the dollar occurred in just over a month from $ 20 to $ 42 was exploding.
The Financial Income Tax will cause a strong inconvenience between investors and rescuers, a political cost that will not compensate for the collective efficiency. Daniel Vicien, Commercial Director of Common Investment Funds (FCI) of Balanz, estimates that this market segment will hardly contribute to the treasure of US $ 200 million. The analyst explained that "the total amount of Common Investment Funds in the entire country was about $ 570,000 million." Because the only investments that will be independent of the regulations will be the actions of Argentine companies, the FCI on local private papers will not be taxed. The problem that arises is how to determine when the bottom is from local Argentine supplies, because the majority combines different investments in their portfolio. The decree project establishes that they must have at least 75 percent of their lower assets in Argentine actions. This proportion could fall due to the movement of portfolios, but not more than 30 days a year. Vicien explained that of the total finances administered, only $ 20,000 million were in local actions. "That is, it will reach the 550,000 million. Balanz's director estimated that this group of FCI, whose portfolio consists of fixed income and public securities, in the first 10 months of this year accumulated revenues of $ 156,000 million. "If the fifth percent is applied, they will pay $ 7.8 billion, a little more than $ 200 million." But the manager noted that after the rate was paid during the rescue of funds, if an investor decides to keep his money in the FCI, he does not pay taxes.
The other thing to be announced is how the Afip will finally determine that the Financial Income is paying. It can be arranged that the banks act as retiring agents, especially in the fixed terms easier to determine. But what happens in the case of more complex investors, who can have their capital invested in various instruments, some of which in the given period can be lost and others have positive returns.
There they assume that the Afipo could determine that those reached by the tax file swore statements. "How can an FCI administrator determine if his client exceeds the non-tax minimum," explained Vicien. Especially, if the person had other types of investment in a bank.
Another point to consider. The ADRs are certificates of actions of Argentine companies listed in the New York Stock Exchange. These will pay Financial Income. But it could happen that any investor would like to avoid the tax. When the company pays its dividends, some could sell the certificate in the United States and buy the corresponding local part. But that was already discarded. The sales of ADR and the passage to local actions will also be taxed.