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Argentine President Proposes Investment Tax Cuts

by Mike Godfrey, Tax-News.com, Washington

27 November 2008


Cristina Fernandez, the President of Argentina, has announced that she is to propose a set of tax cuts to Congress which, if passed, would encourage the country's residents to repatriate funds they are currently investing in other countries.

Under her proposals the rate of tax on repatriated investments will be lowered to 6% if the money is placed in a cash account, 3% if it's invested in bonds and 1% for those choosing to invest it back into Argentinian productive assets or real estate.

Those choosing to keep their investments outside of the country will face a tax of 8%, if they make the details known to the Argentine tax authorities.

Speaking of her intentions at a business conference in Buenos Aires, Fernandez announced:

“The idea is to help repatriate capital for investments that help production. We’re going to act to help the macro and micro economy with distinct policies.”

President Fernandez is hoping that her proposed measures will help to repatriate USD100bn in funds currently held abroad, and at the same time boost investment, job creation and tax revenues.


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