The outgoing Finance Minister Alfonso Prat-Gay called “an extraordinary success” the tax amnesty with USD 90 billion worth of assets that have been declared in Argentina so far. This represents 17 percent of the country’s GDP.
The figure surpasses government and most private estimates and the programme has not yet drawn to a close. Analyst believe that in the months that remain the total is likely to reach between USD 100 billion and USD 130 billion.
Until March 31st. assets can still be declared, with a penalty for non-real estate assets increased at 15 percent and real estate unchanged in a 5 percent fine.
The unprecedented success tops any other tax amnesty that took place in the region, including Chile (around 20 billion) and Brazil (around 50 billion).
Emiliano Cordoba and Francesco Giliberti are available to assist you with any questions related to the Argentinean Voluntary Disclosure Programme and options for structuring after declaring.