Argentina’s tax amnesty

June 30, 2013

I don’t know how I missed this, but Joe Foudy points out that in the midst of lots of other whacky stuff, Argentina passed a law last month granting amnesty to people who bring back money they managed to get out of the country. From Bloomberg (lightly edited): “Under the amnesty, Argentines with undeclared foreign-currency savings will be able to buy dollar-denominated [energy and construction] bonds that pay 4 percent interest and mature in 2016.” In addition, they “won’t have to pay past-due taxes or explain the origin of the funds.”

Exam question: who, if anyone, will take this offer?

The article also notes that the government needs money to finance increased oil production by YPF, which it seized last year from Spain’s Repsol — ostensibly for not expanding production.

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