Public bonds, fixed terms, mutual funds, tradable liabilities and auction will reach 5% if they are at the peso, and 15% if they are in dollars or linked to the UVA unit or CER. These are yields exceeding $ 67,000.
In the Federal Department of Public Revenue (AFIP) they say they are waiting to measure. But they predict that the agency's decision, which ultimately determines how it should be paid, can be published in the early days of next year.
The first part of the controversial tax was launched earlier this year. This is what suits foreign residents. After its execution, at the end of March, investors held their first big rally against the Pesso. Many have left their positions in bonds and in various instruments such as the Lebac, not paying the tribute.Regional income tax was born as a condition of the Renovador front to the government to approve the fiscal reform at the end of 2017.
The contribution that the tax will leave to the Treasury will be considered marginal to the extent that it is possible to investigate whether the efficiency of its collection will compensate for the disruption that will cause investors and savers. This could raise anything more than $ 8 billion but stop new investments and fund revenues.
The only instruments that will not be achieved will be the shares of the Argentine companies. So that mutual investment funds (CFI) who have their own portfolio are integrated at least 70% of national private securities will be exempt. Balanz figures indicate that the FCIs handle $ 570,000 million a year, of which only $ 20,000 are local shares whose profitability will not be achieved.
The tax will prevent direct investment of securities issued by the government and the provinces. If an investor buys a bonus he will pay for the interest generated by the coupon, even if it is a low price. For example, this year, the documents of the Argentine government were heavily punished. Due to the climate of distrust, in 2018 they lost 30% of their value. Therefore, the lien is expected to generate movement in favor of FCI. Although the profitability they give to those who sign up quasparte will be taxed, portfolio management compensates for the falls and citation of some headlines with the increase of others.
It is expected that the AFIP will determine that banks act as agents of tax deduction to accumulate time deposits, which will be the simplest of all. But doubts arise with investors in different positions in different tools. Some can generate other profits and losses. In these cases, the AFIP may determine that some taxpayers submit seven-week reports.
Another aspect to consider is the ADRs, Argentine stock certificates quoted in New York. They will pay the taxes, and will come to exchange transactions that the owner can do for their corresponding national documents.