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Five months after leaving customs, William Michel I've reviewed how to open an Automatic Exchange of Information Agreement with the United States (FACTA) and what will happen to information in foreign accounts. The right hand of the former Minister of Economy Sergio Massa He also analyzed the discussion Basic law and financial package.
Among his offices close to Congress are the lawyer and accountant who remained in charge of customs during the first days of the presidency Javier Miley To the surprise of many, dialogue with the historian On tax proposals through which the ruling Libertarian Party seeks income equivalent to approximately one point of GDP.
In the midst of determining her path on the political scene, alongside the party council, after the new head of the Federal Administration of Public Revenues submitted her resignation, Florence Masrahi – He only remained for a few temporary days – then he left the organization and headed to the private sector.
-How do you analyze the financial separation proposed by LLA? Could this be the beginning of tax reform?
– It has issues that have been dealt with historically, The stop will be the numbers chart 39 What will Argentina have? Since the return to democracy, there is nothing new in it. Nor in the asset regulation system (money laundering).
– If the washing process is approved, can it be successful?
Macri had the key to success, which came in 2011: the multilateral agreement with the Organization for Economic Co-operation and Development (OECD), which allowed Argentina to exchange information with… 147 It passes alongside the Common Reporting Standard (CRS). Making it the second most important country in history, after Indonesia (330 billion US dollars), with US$116.8 billion, but with a peculiarity: very little has been returned.
-Do you agree with this proposal?
–How can I not agree with money laundering if we send an invoice. Although if this had peculiarities it would be a negative precedent to punish it as it is It will allow money laundering by non-residents, which has never happened in history, neither here nor in other countries. Or that, as was the case in the Macri case, access to front-line figures where you can legally and criminally validate this number, in addition to the five-year limit for those who were public officials, cannot extend to 10 also fifteen.
– In the same previous scenario, what will strengthen it?
–The biggest money laundering scheme will come from FACTA. US banks are already contacting their Argentine clients to ask them if they have cleared the account and asking them to declare alongside the Internal Revenue Service (IRS, for its acronym in English). They are calling them for information. This is what motivates the need for many to use money laundering.
Then he will be as “successful” as Macri.
–The situation will be better than in 2008, but most of the money will remain abroad. Exchange information so that it is effective and efficient It has time wise application. The work began in the multilateral OECD, but effective and robust implementation occurred after the second or third year.
-Could there be difficulties?
-In the first stage, it will be very difficult to access information from some complex structures about all those who do not set foot in the banks that have accounts registered in them. Pershing. Agreement takes time and It takes deep work on the part of tax authorities to share information to make it robust.. It is a great instrument that ratifies state policy, and the first agreement was signed Alfonso Prat Jay When he was Minister of Economy, then the Treasury Department finished approving it Sergio Massa“.
– Why did you have to validate it?
-There was a lack of trust in Argentina, and it is known when the data was leaked Alberto Abad AFIP was the head. All tax authorities in the world have requested a report on why this happened. This created reputational damage, which can be reshaped, and now the entire system is validated and up and running..
Combo of money laundering and personal assets
-Does the unified quota system for personal assets 2023-2027 encourage engaging in money laundering?
-There is a background discussion How do you tax an estate?. Technically in the long run, it is relevant because of the flow, not the stock. But in an economy like Argentina, with constant flight of foreign currency and significant cash holdings, the opposite is more appropriate.
-Is gradually reducing quotas a mistake?
-We have to discuss it. With the projected scheme, the future collection of the national and provincial government is being committed, which is serious. Advance payment of 0.45 For five years, this gives you 2.25 One and a half points of GDP is shareable.
Earnings: End of the card?
-How do you see the changes in profits in the proposed scheme?
-The tabular system is the most suitable for taxation due to tax simplification. With the previous system, any employee needed an accountant to do the reconciliation, and that has been changed: there is one deduction and you pay on the surplus. What was omitted from the fourth category is a fallacy, as we have created a floor, which is what pays for the surplus today 180 thousand taxpayers They do it.
But in terms of progression, the percentage will increase from 27% to 5%.
-If you collect 0.4 Of GDP, it is 2 billion dollars, you're charging someone for it, which makes employees pay more. What is proposed in the chapter is inconsistent, they want to increase the income tax for the million workers who give 0.4 of GDP and reduce the personal assets benefited 100 thousand taxpayers When they resign 0.25.
-But there is a need for the provinces behind…
– Now in May and June, the government and provinces will receive very good news as a result of the depreciation of the currency in December (Country $400.50 to $820). The banks got a hit from their holdings of dollars and bonds. $5.5 billion. This would result in exceptional income tax collections worth more than $1.5 trillion.
