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  HOME | Argentina

Tax Amnesty Will Aid Pensioners, Argentine President Says

BUENOS AIRES – Argentine President Mauricio Macri emphasized on Tuesday that the tax amnesty bills he will send to Congress will end the “fraud” that retirees have endured for years and allow them to receive “what they’re due.”

“There were many years of promises, many years of not fulfilling them ... (and) that transforms itself into fraud,” said the president during an event with seniors in Santiago del Estero, 1,150 kilometers (713 miles) northwest of Buenos Aires.

Macri announced last week a proposal for a tax amnesty to encourage Argentines to repatriate money stashed abroad.

He says the proceeds of the measure would be used to pay pension arrears to some 2.5 million retirees who have been shortchanged for the last 20 years and to finance the creation of a universal minimum pension for people 65 and older.

All citizens must have access to “state care” and, therefore, starting at age 65 they will have the right to receive an old age pension, whether or not they have retired, Macri said Tuesday.

The president called on the retirees present at the event to tell their children and grandchildren that a “new phase” has begun in Argentina by means of their “happiness” and enthusiasm for the future.

“Every Argentine is going to have the opportunity to grow, to be happy, with effort, like you did in your lives, where nobody gave you anything,” he said before closing the ceremony with a resounding “Viva el amor!” (Long live love).

Macri’s amnesty proposal would offer three options for Argentines with undeclared foreign accounts: pay a one-time special tax; buy bonds; or make long-term investments in Argentina.

Sums less than 305,000 pesos ($21,500) will not be subject to any tax, while amounts of up to 800,000 pesos ($56,000) will face a 5 percent levy.

For everything above the level, the tax will be assessed at 10 percent, rising to 15 percent after Jan. 1, 2017.

The top marginal rate of income tax in Argentina is 35 percent.

 

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