Argentina limited to $ 2,000 a month buying foreign currency

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Argentina limited to $ 2,000 a month buying foreign currency

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  1. Since this morning in Argentina is now available on the Internet at the Federal Administration of Public Revenue (AFIP) form for you to buy dollars at the official rate (currently eight pesos per dollar), much cheaper than the parallel exchange rate, around 12 pesos per currency.

    The Cabinet Chief Jorge Capitanich announced by the director of the AFIP, Ricardo Echegaray, the upper limit will be $ 2,000 per individual. A 72 business hours after filling the form, you may withdraw currency at the bank. The operation will have a surcharge of 20 % of the money that was purchased. Now, to deposit those dollars for at least one year in a savings account or fixed deposit in a bank, they will not apply the 20 % surcharge. And if the dollars are removed before the anniversary date, the saver must pay the 20%. "It's an automatic, transparent and formula published on the website of the agency system," said the head of the Argentine tax collection agency, Ricardo Echegaray.

    Capitanich said the purchase will be entitled to workers and small entrepreneurs who earn the equivalent of two minimum wages per month, ie 7,200 pesos (about $ 900 at the official exchange rate). Taxpayers may only be allocated to the purchase of foreign exchange up to 20% of their usual income. Therefore, they can only access the monthly $ 2,000 those with a salary of 80,000 pesos per month ($ 10,000 at the official exchange rate).

    Regarding the 35 % surcharge that was being applied to the tourists into buying foreign exchange to go outside or make foreign purchases with their credit cards, will continue as is, at 35%. The tax burden is not reduced to 20% as the same Capitanich announced last Friday.

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