Those who make certain periods of time or other investments in dollars or other foreign currencies do not pay or pay less financial income tax than those who invest in pesos. And those who save in pesos in early 2018 and from $ 150,000 will be reached by this tax.
This is a strong distortion and injustice from financial income tax which implies a "Penalty for saving pesos" fund the urge to "get used to", according to IARAF (Argentine Institute of Fiscal Analysis).
This tax is 5% if the investment is in pesos without an adjustment clause and 15% in a foreign currency or with an adjustment clause for an increase in the exchange rate. Y it is applied to revenues earned in 2018 above $ 66,918.
As a result, when calculating savings or investing in pesos at nominal value, when inflation is high, a 5% tax in pesos is much higher than 15% in dollars or other foreign currencies.
IARAF gives the following example. With initial capital of $ 2 millionIf, at the beginning of 2018, a saver chooses a general fixed period in pesos at an effective annual rate of 55%, he must pay taxes. $ 51,650, after special deduction is calculated and 5% aliquot is applied.
If the same capital is invested in placements adjusted to the cost of living index (which is assumed to be simplicity of 45% per year) and the annual effective interest rate of 10%, even though he will submit a pre-tax amount that is identical to the first Option ($ 1.1 million ) determined tax it's only $ 30,000.
Finally, if capital is converted into dollars and in turn is placed in a fixed period at a 1% annual rate, it will generate a tax of $ 6,160.
IARAF said that it is unfair that taxes are applied to nominal and unreal profits and it must be possible to reduce the inflation rate from the results obtained and apply 15%, as is the case for placements with adjustment clauses or in foreign currencies.
Considering the interest rate applied since the devaluation of the peso, IARAF estimates that "only the initial capital of $ 150,000 will be achieved from taxes on holding at the beginning of fiscal year 2018." And he added "this situation implies that a large number of subjects from simplified regimes (Monotributo), dependent employees, loan sharks, or retirees who have not been taxed until the fiscal year 2017 or are not required to submit oath statements, they have to do it From now on. Given the size of financial returns nominal registered in 2018, will enter a large number of new taxpayers from taxes, forced to submit a complex declaration (DDJJ) of income tax, if not institutionalized simplified regime, which will be highly recommended. "