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Montevideo, November 30th 2022 - 13:45 UTC
The International Monetary Fund Thursday called for a credible and solid plan on the part of Argentina and recommended the country gradually loosened all restrictions on foreign currency exchange. Read full article
Although I agree with the IMF’s premise that Argentina needs devised a credible and solid macroeconomic plan; and foreign currency exchange be lifted gradually — Argentines have for years have been able to outwit their system with a shadow economy.
Until the pandemic — our family would annually vacation at the Las Leñas ski resort where it was far cheaper than skiing in my own country. The secret to the vacation deal was paying shell companies domiciled OUTSIDE Argentina for vouchers — resulting in profits and taxes to be sheltered.
The greatest sport in Argentina is not football — but finding a way not to pay their taxes.
Argentine exporters have finely defined their deviously brilliant business models to maximize shifting operations and profits to low-tax countries by paying minimum tax. Even Argentine executives are given an offshore credit card as a part of their employment compensation to avoid taxes.
If Argentina was to accept a reasonable tax policy — the country would economically increase and the people would prosper.
¡Saludos cordiales desde Viña Del Mar!
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