\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t Economy Minister Luis Caputo announced that the government will submit a new fiscal innocence bill to Congress to correct problems raised by accountants and tax experts over the initial proposal approved in December.<\/p>\n
The bill, dubbed Fiscal Innocence II, will be sent on Thursday.<\/p>\n
Speaking at a press conference on Wednesday alongside Legal and Technical Secretary of the Presidency Mara Ibarzabal Murphy, Caputo explained that the changes were developed with tax experts. The modifications were based on the law that is already in force, which reformed the criminal tax code and established a simplified income tax payment regime.<\/p>\n
The purpose of the amendments, the minister added, is to encourage citizens to bring their stashed savings into the formal economy, a problem the Argentine economy has been suffering from for decades.\u00a0<\/p>\n
Despite the law already being in force and U.S. dollar deposits in the banking system being at record levels, the minister noted that there are still more than four times as many dollars outside the financial system than in it. According to the Argentine Central Bank, there are approximately US$170 billion outside the system, compared to a stock of dollar deposits hovering around US$40 billion.<\/p>\n
Keeping dollars under the mattress is a bad decision, Caputo said, arguing that, contrary to popular belief, idle dollars also lose value.<\/p>\n
The minister went on to say that the spirit of the law remains absolutely unchanged, adding that the proposed changes are intended to ensure that regardless of which government is in office, citizens will be protected.<\/p>\n
Criticism and concerns Congress passed the Fiscal Innocence Law in December 2025, and it came into effect in early February. The new law introduced changes to the Argentine tax system by loosening controls and raising the threshold for how much money citizens can spend without justifying where the funds came from.<\/p>\n
Among other measures, the law allows taxpayers covered by the regime to bring up to AR$100 million (US$66,000 at the current exchange rate) in savings into the formal financial system without tax penalties, provided they do not exceed annual income of AR$1 billion (US$666,000) or total assets of AR$10 billion (US$6.6 million).<\/p>\n
Up until then, taxpayers were considered to be engaging in tax evasion if they were unable to prove the origin of any expense above US$1,000, a number the government considered outdated.\u00a0\u00a0<\/p>\n
The law, however, sparked criticism from specialists regarding the law\u2019s limited enrollment. The new bill seeks to address the risk that taxpayers could lose the regimes benefits if national tax agency ARCA identifies discrepancies in their tax filings.<\/p>\n
Critics of the law also raised concerns over the possibility that it could be used to commit crimes such as tax evasion, money laundering, and even drug trafficking without the state stopping them.<\/p>\n","protected":false},"excerpt":{"rendered":"
Economy Minister Luis Caputo announced that the government will submit a new fiscal innocence bill to Congress to correct problems raised by accountants and tax experts over the initial proposal approved in December. The bill, dubbed Fiscal Innocence II, will be sent on Thursday. Speaking at a press conference on Wednesday alongside Legal and Technical […]<\/p>\n","protected":false},"author":10,"featured_media":94164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,6982,45],"tags":[96,24274,174],"class_list":["post-94163","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economics","category-fiscal-innocence","category-luis-caputo","tag-economics","tag-fiscal-innocence","tag-luis-caputo"],"_links":{"self":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/posts\/94163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/comments?post=94163"}],"version-history":[{"count":0,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/posts\/94163\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/media\/94164"}],"wp:attachment":[{"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/media?parent=94163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/categories?post=94163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/service.codeus.ca\/index.php\/wp-json\/wp\/v2\/tags?post=94163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}