‘Mega Project’: Government Proposes Tax Amnesty For Undeclared Assets

Source: nasdaq.com
By: Valentina Iricibar
05.27.2016

President Mauricio Macri took the stage this morning to announce the much-anticipated “mega project,” which consists of a bucket load of proposals the government has sent to Congress. These bills range from anything regarding fiscal transparency and retirees to small businesses (PYMEs) and federal co-participation.

The backbone of most of these proposals is a tax amnesty, or blanqueo impositivo in Spanish, aimed at getting Argentines to declare previously undeclared assets (by assets we mean any form of wealth ranging from dollars to properties) in Argentina as well as abroad. The idea is that the money collected from these taxes will fund the other initiatives in this “mega project,” notably retirement funds which are basically nonexistent right now.

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