Tax amnesty scheme bags billions — and crucial info

Source: Buenos Aires Herald
By: Carlos Burgueño
4/07/2017

Last week, the government celebrated the success of its record-breaking tax amnesty programme, which has boosted its numbers and smoothed stuttering indicators. And now, with more information in the hands of the eagle-eyed authorities of AFIP, the government wants to make sure citizens continue to do things by numbers.

By a very long way (whether measured from a financial or fiscal angle), the tax amnesty/whitewash programme which culminated last Friday was Mauricio Macri’s biggest economic achievement since he came to power in December, 2015 — even eclipsing the end of currency controls and the agreement with the holdouts. And way above anything occurring in a highly complex 2017, as far as the ruling Let’s Change (Cambiemos) coalition is concerned.

The results speak for themselves. US$116.8 billion — nearly a quarter of the country’s gross domestic product — has been declared before the authorities, the overwhelming bulk of it stationed abroad (mainly in the United States, Switzerland and the British Virgin Islands). Assets, income and investments — that invaluable “tax base” — now open to the inspectors have doubled. More than US$9.2 billion (148.6 billion pesos) has been brought in through taxes and fines — enough to match a month’s tax revenue.

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