Argentina Offers Tax Amnesty on Missing $500 Billion
- Argentines bringing back money held abroad to pay 0%-15% tax
- Funds to be used to settle debts with 2.3m pensioners
Mauricio Macri speaks during an event in Buenos Aires, on May 27, 2016.
Photographer: Diego Levy/BloombergThis article is for subscribers only.
Argentine President Mauricio Macri announced an amnesty on an estimated $500 billion of unregistered funds stashed abroad to pay pensioners and help fund a multi-billion dollar infrastructure program.
The funds will pay a tax of zero percent to 15 percent depending on the amount and when they are brought back into the country, the government said in a statement. The government needs to raise 47 billion pesos ($3.4 billion) to pay legal sentences awarded to pensioners, and another 75 billion pesos a year to pay higher pensions in future.