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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.

Mauricio Macri speaks during an event in Buenos Aires, on May 27, 2016.

Photographer: Diego Levy/Bloomberg
Updated on

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.