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October 1, 2014
Tuesday, April 1, 2014

Tax amnesty extension made official by gov't

The national government has officially confirmed a third extension for the capital whitewash scheme, which will run for at least three more months in a bid to bring foreign currency savings back to Argentina.

The decision was confirmed today through publication in the Official Bulletin of decree 440/14.

The project, known officially as the Voluntary Exteriorisation of Foreign Currency Regime, began on July 1 2014 with an initial expiry date of September 30. The law left the option to extend the amnesty in the hands of the executive government, who decreed an extension for the first time in September until the end of the year.

A further renewal was carried out in December following Axel Kicillof's assumption as Economy minister, which was due to expire yesterday.

The measure aimed to entice participants into exchanging savings held in foreign currency for two types of bonds. The Argentine Savings and Economic Development Bonds (BAADE) were intended for use in energy investments, while Certificates of Investment Deposits (CEDIN) were designed for use in the real estate industry.

Take-up of bonds, however, has fallen behind government predictions. Ministers hoped to secure around 4bn dollars in income, while the real figure is less than 700 million dollars since the scheme was introduced.
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Tags:  Amnesty  tax  dollars  CEDIN  whitewash  





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