Without the extraordinary inflow of foreign exchange driven by the soybean dollar, which in September generated a sort of currency spring, the government decided to move forward with measures to take care of the reserves accumulated with the creation of new exchange rates. With this goal, starting tomorrow The dollar will be more expensive to travel abroad, buy luxury goods, and organize recitals by foreign artists.
“We took this measure because we had it credits from chambers and production sectors e because we want to take care of reserves for production and job creation e not to escape“, She said Carlos Castagneto, head of the AFIP in a meeting with reporters, where he specified that the decision “It does not prohibit the purchase of goods, tourist packages and the consumption of artistic activities, but rather increases the value of the dollar”.
The main change is the popularization “Qatari dollar “due to the imminent start of the World Cup, though will cover all consumption with a US $ 300 dollar card per month. From now on, such expenses, including tickets and hotels, will be paid at $ 300, instead of $ 262.5, adding a further perception in the Personal Assets account of 25% on the official price, at which 30% of the PAIS is already withheld and 45% in the Profits account.
The idea is discourage the use of plastic outside the country and that Argentines who travel use your physical tickets. In July, the government increased the perception of profits and personal assets from 35 to 45%. In the first eight months of the year, travel and other card payments totaled $ 4.6 billion, according to the BCRA. Today this entry requires $ 800 million per month, half for packages and the other for card consumption overseas.
According to official estimates, las it will reach 200,000 people with foreign currency card consumption (7% of the total), which spent 263 million dollars, 81% of the total consumption. While 2.8 million consumers with a card (the remaining 93%) spent $ 60 million, 19% of total consumption. “All consumption up to now is not affected, it is for the future”specified official sources.
The changes will not affect the payment of streaming services, such as Netflix, which today are paid in official dollars plus the sum of the Solidarity Tax of 30% plus the withholding tax on the Profit of 35%. Likewise, the benefit of not applying the Country Tax and the perceptions for land tickets for neighboring countries.
On the other hand, buying luxury or “luxury” goods will become more expensive abroad which are currently mostly in the Central Bank Annex with 365 day foreign currency transfer. For example, high-end cars and motorcycles, private jets – small planes; pleasure boats – boats; premium alcoholic beverages; watches, pearls, diamonds and other precious stones, slot machines and cryptocurrency mining machines.
In this case it is established the application of the national tax of 30% and the perceptions of the tax on income and personal property.. Considering a Banco Nación exchange rate of $ 150, the PAIS tax (30%), the collection on account of profits and personal property (45%) plus the new collection on account of personal property (25%) the value of the transaction for the expected dollar is $ 300.
Third, there will be a new exchange rate for affiliated cultural events abroad (recitals, sports activities, among other entertainment expenses) with the application of the national tax of 30%. Considering a Banco Nación exchange rate of $ 150 plus PAIS tax (30%), the dollar will be $ 195. In addition, the music artist receives withholding tax from the local authority that pays the hiring.
The measures will come into force this Wednesday with their formalization in the Official Gazette. There will be an executive decree extending the scope of the PAIS tax and two AFIP resolutions. Among these will also be the new import monitoring scheme (SIRA), which will reduce the duration of validity of permits from 180 to 90 days, with the possibility of extending them for another 90 days.
Economists, however, are skeptical. “Is this level of reserves enough? No. Especially as summer is approaching, it must avoid selling and this implies having to make an adjustment by Price (devaluation) or Quantity (plus Stock). Without new measures, the BCRA will sell it. reserves again and this can destabilize the Massa Plan. That the BCRA sells dollars again will increase the dollars in parallel, “said Fernando Marull.
“This week he has tightened the trap by raising the list of products that now have a non-automatic license (LNA), to a total of 29% of imports, double the amount in recent years. Furthermore, importers are already accumulating a debt with suppliers. for $ 10 billion BCRA has chosen, for now, to restrict imports rather than touch the “Qatari dollar”, which will require at least $ 800 million a month, “Marull said.
Source: Clarin
