Argentina pushes ahead controversial tax amnesty
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31st May 2013

The bill is aimed at bringing foreign currency to Argentina, but critics say it amounts to impunity
In a bid to slow the country’s outflow of dollars, Argentina’s Congress passed a controversial tax amnesty on Thursday. That bill will pardon tax dodgers for undeclared income if they invest the money in the domestic real estate and oil and gas industries. With this measure, the government hopes to recapture some of the $160-$200 billion the government claims Argentines do not declare, and funnel it toward investment-hungry industries to revive the country’s slow economic performance. Argentina’s economy grew 1.9 percent in 2012 after enjoying much stronger growth for most of the past decade. However, the amnesty could have an effect on the rule of law in the country, say experts. 
This is the second tax amnesty offered by Argentina: in 2009, the government was able to recover more than $4 billion in funds from abroad from another amnesty. Though it will be subject to implementation, this latest amnesty will permit Argentines who have undeclared savings abroad in foreign-denominated currencies to bring that money back to the country by investing in one of two government dollar bonds, which officials hope will boost domestic growth in two ailing industries. The government has assured that if the bonds are purchased in dollars, they will be paid back in dollars as well.
The first bond on offer is a dollar-denominated central bank certificate that can be used to buy …

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