Thursday , August 5 2021

Banks activate alarm signals for the impact on their finances of payment of Gross Profit



Much is said in Argentina today gap that has opened up between the level of interest rates that the average of the financial system pays to the ahorrista, about 47% per year to 30 days, and the cost of a bank credit of more than 60% for the pledge, in the purchase of a car, and up to 77% per year in the financing of consumption With credit card.

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

A clue he gave Claudio Cesario, president of the Association of Banks of Argentina (ABA), at the cocktail of annual tribute to the specialized press, among which Infobae, to emphasize, prior to consultation of this means: "The payment of the Gross Profit Tax represents, for the average of the affiliated organizations, half of the total payment of the ABA's salaries, and is equal to the annual value of the Tax of Profit, when historically it was less than half, 22% of the total remuneration"

While in the case of municipal taxes, the representative of the foreign capital bank in Argentina highlighted the anomaly that represents "in some provinces the collection by branches of lighting, sweeping and cleaning must pay for the flow of business and not, as would correspond in front of meters square of the premises ".

"The goal is to make people and public opinion aware of working together with provincial authorities. Today services financiers pay Gross Profit almost like gambling. So let's try to do this with municipal taxes and fees. That in some cases they charge in advance for services they do not lend, "Cesario said.

After stressing the importance of seeking the recovery of macroeconomic stability, through zero fiscal deficit and zero monetary issue, and generating conditions for the development of a capital market that allows to reduce dependence on external financing, the president of the Association of Banks of Argentina , stated that "the debate on competitiveness can not ignore that the tax pressure is what most affects it. This causes many sectors to lose opportunities, remain out of the market and have no formal job creation. A fiscal pressure of 38% takes away or discourages any investment opportunity. What is the rate of return needed to support it and how important is the incentive to deal with informality?

Cesario concluded: "fiscal adjustment or zero deficit is not only the responsibility of the national government, the provinces that today are mostly surplus must reduce the provincial tax pressure, they must fulfill the commitment assumed in the Pact and the Fiscal Consensus to lower the indirect tax rates as gross revenue. "

Otherwise, the banker said that "the cost of credit will remain high and therefore it will harm its co-provincials, who are the ones who finally pay."


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