The Government has already started the mechanism of the first & # 39; January will strengthen savers and investors of all sizes to pay Tax on Income. Both deposits and fixed term investments in & # 39; bonds and Mutual Funds, are taxed & # 39; & # 39 rate; five percent on profits, they are positions & # 39; dollars, or 15 if they are in & # 39; local currency. The non-taxable minimum for this type of & # 39; profits will be slightly more than $ 66,000. It is the second part of the application of the tax reform.
Secretary of Public Revenue, led by Andrés Edelstein, already made a draft & # 39; regulatory order for Income Tax on its website. Here, accountants and professionals from economics have room to make comments and propose changes. The decree shall be sanctioned before the end of the year, after which the Federal Administration of Public Revenue (Afip) issue resolutions to make operational new provisions.
The first part of & # 39; this charge has applied earlier this year. It aliquot which affected revenues of & # 39; non-residents. Injuries & # 39; from the opposition, the government & # 39; Mauricio MACRI wanted to give a progressive image. He came by to touch the tax Lebac released at the Central Bank. The effect was printed by foreign investors who come to take advantage of the high performance offered by letters, along with & # 39; quiet dollars. Then the price of the dollar that just happened over a month from $ 20 to $ 42 exploded.
The Income Tax will cause severe discomfort among investors and savers, policy cost will not be offset by the collection efficiency. Daniel Vicien, Commercial Director of & # 39; Common Investment Fund (FCI) of & # 39; Balanz, estimate that this market segment will hardly contribute to the treasury about US $ 200 million. The analyst explained that "the total funds & # 39; Common Investment in the country total approximately $ 570,000 million." As the only investments will be exempt under the regulations will be the Argentinean company shares, the FCI of & # 39; local private cards will not be taxed. The problem that arises is how to determine when a fund is & # 39; local Argentinean stocks, whereas the majority connects different investments in their portfolios. The draft decree sets to have at least 75 per cent of their underlying assets in & # 39; Argentine shares. That ratio can & # 39; fall & # 39; due to the movement of portfolios, but not more than 30 days a year. Vicien explained that of the total managed funds, only $ 20,000 million in & # 39; local actions. "That to achieve one of 550,000 million. The director & # 39; Balanz estimate that the group & # 39; FCI, whose portfolios are composed of fixed income and public security, in the first 10 months & # 39; this year accumulated revenue & # 39; $ 156,000 million. "rate & # 39; five percent, they pay $ 7.8 billion, a little more than $ 200 million applied." But the manager remarked that since the tax is paid at the time of the rescue & # 39; funds, if an investor decides to keep his money in FCI, does not pay taxes.
The other issue to be discussed is how Afip finally determines that the Income paid. Can & # 39; is arranged in banks acting as agents in & # 39; source, especially in & # 39; terms determined to be easier to determine. But & # 39; is the case of & # 39; more sophisticated investors, who may have their capital invested in various instruments, some of which in & # 39; given period can lose and others have positive earnings.
There are Afip suppose that you & # 39; determines that those achieved by oath to file tax declarations. "How can & # 39; manager of FCI determine whether his client exceed the minimum non-taxable", explained Vicien. Above all, if the person had other types of & # 39; & # 39 investments in, bank.
Another point to consider. ADRs are certificates & # 39; & # 39 shares; Argentine companies listed on the Stock Exchange & # 39; New York. They will pay Income. But it & # 39; happens that an investor wants to avoid tax. When the company pays its dividends, some may sell the certificate in the US and buy the corresponding local share. But what has already been ruled out. Sales & # 39; ADR and the path for local shares is also taxed.