Almost a month has passed since Sergio Massa’s economic team launched the tender “Qatari dollar”, a new price for the consumption of Argentines abroad, higher than that of the blue dollar and the MEP dollar, with a tax burden of 100%. on the retail dollar price at Banco Nación. Although implementation was partly delayed by “technical problems”, the impact of this increase in consumption was felt.
Since the 13th of last month, “Qatari dollar” applies, an “extra” 25% surcharge on the price of the “dollar card” for consumption made in foreign currencies over US $ 300. According to the government, This supplement applies regardless of whether it is a single movement, for example the purchase of a plane ticket, or more accumulated.
If an Argentine wins, in one or more financial entities, the US $ 300 limit must cover 100% of the tax burdenwhich corresponds to 30% of the Country Tax, 45% of the advance on income tax and the additional 25% of the advance on personal assets.
Although the provision entered into force instantly from its application, there were blind spots. It is that the norm regulated by the AFIP requires that the quota of 300 US dollars fixed on the CUIT of the customers of banks and fintechs, and not on the summaries. This presented a problem to entities that until now had no way of “going through” this data and knowing how much a person had spent on another entity.
That means, until this week there were no systems that allowed banks and the rest of the financial entities to “cross” all consumption of the same customer. So, there was a blind spot: if a person consumed 200 USD with bank A’s card, the system had no way of seeing if he had made any other consumption for 200 USD on bank B’s card and each entity took the exchange rate. which seemed better to you. In many cases, the “dollar card”, which is now trading at $ 287.
After three weeks of tug-of-war between the banks and the regulatory body, as published by Clarín on Monday, this system will begin to be fully in place in the coming days. Therefore, some bank customers have already begun to see their consumption on credit card statements priced higher than the blue dollar and financial dollars. And this the new tourism dollar is trading at $ 329 and remains the highest in the market.
Still to be resolved how the tax will be charged to those users who, due to their level of spending, would have to pay the “Qatari dollar”, but due to failures in these systems they had not been charged because all their consumptions had not been crossed in different entities. And this is a point that raises doubts in banks: If a person is a customer of multiple entities, which of all will collect this tax retroactively?
However, the only announcement resulted in US dollar credit card consumption being reduced by nearly 20 percent in October, according to data collected by consulting firm First Capital Group. “The limitations on the use of the card for installment purchases and the higher exchange fees to be used they acted as a powerful brake on the use of plastics abroad and portfolio values are well below the balances achieved before the pandemic, ”said First partner Guillermo Barbero.
YN
Source: Clarin
