Argentine authorities have announced on 12/29/16 that $90 billion in assets had been declared so far under the government’s tax amnesty plan
The government hopes that funds declared under the tax amnesty will help jump-start growth and investments in the country.
Argentines are thought to have more than $400 billion in undeclared overseas assets. Under the tax amnesty program, they have until Dec. 31 to declare those assets while paying a 10 percent fine to protect themselves from prosecution for tax evasion.
They can still declare until March 31, though the penalty for non-real estate assets will jump to 15 percent. Billions more are expected to be declared, particularly in properties, for which a 5 percent fine would remain unchanged.
So far, the government has collected 82 billion pesos ($5.27 billion) in fees paid by those who declared assets in the tax amnesty.