Economy Minister Luis Caputo announced that the government will submit a new fiscal innocence bill to Congress to correct problems raised by accountants and tax experts over the initial proposal approved in December.
The bill, dubbed Fiscal Innocence II, will be sent on Thursday.
Speaking at a press conference on Wednesday alongside Legal and Technical Secretary of the Presidency María Ibarzabal Murphy, Caputo explained that the changes were developed with tax experts. The modifications were based on the law that is already in force, which reformed the criminal tax code and established a simplified income tax payment regime.
The purpose of the amendments, the minister added, is to encourage citizens to bring their stashed savings into the formal economy, a problem the Argentine economy has been suffering from for decades.
Despite the law already being in force and U.S. dollar deposits in the banking system being at record levels, the minister noted that there are still “more than four times as many dollars outside the financial system” than in it. According to the Argentine Central Bank, there are approximately US$170 billion outside the system, compared to a stock of dollar deposits hovering around US$40 billion.
