WILL JUSTICE July 7, 2013 No comments The period for the externalization of foreign currency opened with too many questions and not likely to restore confidence in the weight With many more questions and doubts that accessions, started the period for the externalization of foreign currency that is in Argentina or abroad. The national government has set very ambitious at least three easy non compliance purposes. The first is to revive the housing market, largely depressed by the very awkwardness of the Kirchner administration, as the FX market. The second is to increase, if only temporarily, Central Bank reserves, which have fallen by about 10,500 million dollars just from the implementation of restrictions on the foreign exchange market. Finally, national authorities have proposed that the certificates to be delivered in exchange for the dollars that are laundered, called Cedin, to compete with the dollar down casual and force. This sort of move to three complex bands realization seems you meet the forecasts of private sector economists, who estimate a formal market entry about 2000 million. To the extent questions that caused the bleach-the second devised by the government of Cristina Kirchner in less than five years on the inequality that implies for those who come for years in strict compliance with their tax obligations, have added innumerable doubts. The money could be in violation of the principle of equality before the law. Especially for anyone taxpayer who has availed moratoria or installment payment plans with interest on taxes owed, while adhering to evaders externalization process will eventually be rewarded because they are not claim anything that may owe. The inequality becomes so extreme that an Argentine citizen, for example, have U.S. dollars outside the country without declaring and decide to join the money to buy real estate in Argentina can transfer the money from the foreign country you are in and , in exchange, receive Cedin, which would be taken to the pair of your dollars. In contrast, another citizen with a foreign bank in the same dollar amount as above, but the Argentine has declared the Treasury and also bring the country decide to buy real estate, you can transfer but, in exchange, receive weights official rate, ie less than you would quote the Cedin. It could only be exchanged for tickets Cedin if bring cash, which is virtually impossible if it is a significant amount. The standard benefits laundering who avails the exemption from national taxes omitted to state, plus interest and penalties. But forgiveness does not include provincial taxes for amounts owed bleached, unless the provinces adhere to the law. At least two districts, the City of Buenos Aires and Cordoba, have announced they are to require taxpayers who externalizing foreign currency to pay taxes on gross revenue and postage stamps. It is estimated that it will be difficult the creation of a secondary market for Cedin. Among other things, because who sells a house and accept these certificates typically wait no longer than 48 hours to go to the bank and exchange them for dollars. The rule in question excludes the possibility of civil, commercial, criminal, tax, administrative and criminal against whom exchange is submitted to bleaching. Yet another law, such as money laundering, puts the parties required to report suspicious transactions to the Financial Intelligence Unit (FIU), such as banks, at a difficult crossroads. Is that Article 14 of the law establishes the need for externalization who join laundering submit an affidavit regarding money laundering and terrorist financing later added it occurs "without prejudice to any other measures is necessary in order to corroborate the feasibility ends foster care "to the process. The rule becomes dark or discretionary transfer loads to pretend surveillance of those involved, keeping the control authorities are not explicit criteria. Add to that a regulatory framework lax enough to warrant its officials disclaimer and move it to the subjects that should be involved in implementing the scheme. It is clear that, regardless of all the problems pointed, or capital flight, and the flight of the Argentine peso and inflation, and falling international reserves of the country, much less the legal uncertainty, find solution in a Bleach, who sows further doubts about our future. The introduction of Cedin is just an attempt to patch the outrages exaggerated derivatives exchange controls, in order to avoid sincerity that will be increasingly needed. Without a serious economic plan without adequate pilot, it will be impossible to restore the confidence of the Argentines in your currency and capital continue leaking and losing business. Source: Daily Nation: lanacion.ar/1598943-un-blanqueo-que-oscurece *********************************************************************
Posted on: Sun, 07 Jul 2013 19:55:41 +0000
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