Nearly 6,000 people failed to declare financial dollar operations, AFIP says

The unreported amount traded with sovereign bonds exceeded US$1 billion

The Federal Administration of Public Income (AFIP) notified 5,780 taxpayers who did not declare MEP dollar operations exceeding US$ 50,000 and failed to pay the corresponding income tax.

The total unreported amount from the 2022 fiscal year, is US$ 1.16 billion, according to the government. 

In a communiqué, the AFIP said it seeks to “avoid several situations that could result in tax non-compliance.”

The agency’s databases made it possible to detect the transactions. The MEP dollar is the implicit exchange rate when investors buy shares or bonds in pesos and sell them in dollars in the local market.

The government made the decision in the context of other measures regarding the MEP and blue chip swap exchange rates. Last week, the Central Bank, in a move that was coordinated with Economy Minister Sergio Massa, let the MEP dollar jump by almost 7% in just one day to dismantle an “arbitrage loophole”  that allowed brokers to earn up to 9% “with just two clicks.”

This week, the National Securities Commission (Comisión Nacional de Valores) introduced a measure preventing market participants from using dollars obtained through MEP or CCL operations to buy bonds for 15 days.

Today, the AFIP announced it sent electronic notices to the taxpayers to ensure that they declared the origin of the funds used to carry out the transactions. The due date for the filing of the tax returns and the payment of income tax and personal property tax is on June 30.

—Télam / Buenos Aires Herald


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