Friday , January 15 2021

Banks include alarm signals about the impact on gross income payments on their finances

Many things are spoken in Argentina these days a huge gap that has opened up between the level of interest rates that the average cost of the financial system is paid to ahorrista, about 47% per year up to 30 days, and the cost of bank credit exceeds 60% for the car purchase bets and up to 77% annual financing of credit card consumption.

However, little is known in detail about the weight of taxes, not just for national ones, like profits, which includes the economy as a whole, but provincial and municipal taxes on both nominal interest rates and the costs of financial institutions.

One song he gave Claudio Cesario, President of the Association of Banks in Argentina (ABA), in the annual tribute to the specialized press, among which Infobaeto highlight before the consultation: "The payment of the gross income tax represents the average value of the ABA affiliated organizations of half the total pay and is equal to the annual amount of the tax-to-profit liquidation when, this is historically less than half, 22% of the wage bill".

While in the case of municipal taxes the representative of foreign bank capital in Argentina stresses the anomaly, which represents "in some provinces the fee for lighting, cleaning and cleaning branches have to pay for the flow of business rather than as will correspond in front of the square meters of the premises ".

"The goal is to raise awareness among people and public opinion to work together with provincial authorities. Today services financiers pay gross income almost as gambling. Then we will try to do it with taxes and municipal taxes. That in some cases they charge pre-paid services, "said Cesario.

After stressing the importance of seeking to restore macroeconomic stability through a zero fiscal deficit and a zero monetary problem, and to create the conditions for developing a capital market that would allow for a reduction in dependence on external financing, the chairman of the Association of Banks Argentina said that "the competitiveness debate can not ignore that the pressure on taxation has the greatest impact on itThis causes many sectors to lose opportunities, stay on the market, and have no formal job creation. The tax pressure of 38% diverts or discourages any investment opportunity. What is the rate of return that is needed to support it, and how important is the incentive to deal with informality?

Therefore, Cesario concludes: "the fiscal correction or zero deficit is not only the responsibility of the national government, the provinces, which are now mostly surpluses, must reduce the tax burden on the province, fulfill the pledged commitment of the Pact and the fiscal consensus, indirect taxes as gross income. "

Otherwise, the banker said that "the cost of the loan will remain high and thus will harm the co-chairs who finally pay."

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