In September
2013, the period for the declaration on undeclared money (and to buy Cedin and
Baade Certificates with said money) came to an end. Since the Government
managed to collect only 5% (approximately) of what they expected, they have
decided to extend the period until the end of 2013. This way, with the
extension of the period for 3 more months, the Government expects to increase
the income of money from account that people have abroad.
Even though
there have been different opinions on whether the period for the declaration of
money should be extended or not, the President of Argentina had the last word,
and decided to extend said period.
According
to the Head of the AFIP [Administracion Federal de Ingresos Publicos – Public
Income Administration in Argentina], Ricardo Etchegaray, on the tax level, the
declaration of money and exchange of
Cedin and Baade Certificates were not profitable, and he recommended
that the period should not be extended. Still, the Head of Foreign Trade in Argentina
One of the
objectives of the declaration of money was made with the intention of reactivating
the real estate business in Argentina
According
to Guillermo Moreno, the proposal of the declaration of savings didn’t work as
they expected because of the elections that took place in August and in October
this year. Elections generally tend to create doubt and uncertainty. For this
reason, the head of the Foreign Trade Department thought the period should be
extended.
With this
extension on the period for the declaration of savings and the creation of
Cedin and Baade Certificates, it is expected that the government manages to
collect the amount of money expected since the beginning in order to help the
country’s economy.
