US EditionMilei eases tax evasion rules to draw out 'mattress dollars'
The law presumes taxpayers innocent until proven guilty and raises tax evasion thresholds from about $1,500 to $100,000, aiming to mobilize $251 billion in undeclared savings.
- On Jan. 2, Argentina enacted the Fiscal Innocence Law to encourage declaring and depositing undeclared U.S. dollar savings, with Argentine President Javier Milei signing it as part of his economic agenda.
- Official data show about $254 billion held outside banking as the International Monetary Fund urges rebuilding reserves to meet $19 billion in foreign debt this year.
- The law rewrites prosecution thresholds and legal standards, presuming `Instead of being treated as suspects, all citizens are presumed innocent until the courts prove otherwise`, Adorni said, with simple tax evasion investigated from $100,000.
- Economy Minister Luis Caputo urged banks to accept deposits and advised citizens to use Banco Nación if private banks probe provenance, while owners gained free access to frozen funds on Friday and opposition leaders warned of laundering risks.
- The move could boost investment and deepen capital markets as private-sector credit is about 9% of GDP, with a 2023 scheme bringing more than $20 billion into banks.
46 Articles
46 Articles
Buenos Aires. The Argentine president, Javier Milei, promulgated the so-called “law of principle of fiscal innocence”, which raises the minimum thresholds for accusing citizens of evasion, with the aim of stimulating the laundering of savings in a context of meagre reserves and imminent debt maturities.
The Argentine president, Javier Milei, promulgated the so-called “law of principle of fiscal innocence”, which raises the minimum thresholds for accusing citizens of evasion, with the aim of stimulating the laundering of savings in a context of scarce reserves and imminent debt maturities.The law, approved by Congress in December, seeks that Argentines enter into the banking system the “dollars under the mattress”, as is known to undeclared savi…
ABC FOX Montana
Milei eases tax evasion rules to draw out 'mattress dollars'
Argentine President Javier Milei on Friday signed into law a so-called "tax innocence" bill, which aims to encourage people to bank dollars stashed under mattresses or in offshore accounts by forgiving a degree of tax evasion.
In order to finance Argentina's debt maturities in 2026, Javier Milei has enacted a law to encourage the deposit of dollars in banks. The American currency savings of the Argentines amount to about 251 billion dollars, six times more than the Bank's gross reserves...
Coverage Details
Bias Distribution
- 61% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
