Last Friday, the Finance Ministry published a resolution in the Official Gazette that raised the compensatory interest rate from 3% to 4.5% and put it at 5.6% from March 1. The measure aims to prevent companies from financing with AFIP, whose interest rate is lower than that of banks, delaying the fulfillment of their obligations.
Both consultants and businessmen quickly questioned the measure. For example, Lisicki, Litvin and Associates, head of the study, Cesar Litvin, said that "the increase in interest rates for debts with AFIP in this financial situation aggravates default and produces an uncollectable loan stock for the Treasury" . "Through social networks, the head of the accounting firm called for an" urgent moratorium. "
For his part, the consultant and advisor of SMEs of the Professional College of Economic Sciences of the City of Buenos Aires, Vicente Lourenzo, asked: "Which SME survives a drop of more than 25% per year with interest rates of such magnitude?" .
Lourenço said that "it is a very misconception of some employees that you have to discourage the taxpayer from financing with the AFIP and that is why they apply the market rates."
"On the contrary, given the current situation, the state should provide a containment network for SMEs, applying rates that should be half the market," said Lourenço.
For his part, General Secretary of the General Business Confederation (CGERA), Raul Zylbersztein, said that "SMEs do not stop paying taxes because AFIP rates are cheap." The businessman said that "they are victims of the recession caused by the adjustment, by the increase of rates and by the high interest rates, to which are added the difficulties created by the AFIP with embargoes of accounts, or suspensions of the"
"Everyone agrees that taxes in Argentina are very expensive and should be reduced, but the pulse does not shake more and more the scarce economies of SMEs," he added.
Meanwhile, Marcelo Fernandez, president of CGERA, commented that "from the institution we request that AFIP stop the embargoes of SMEs and that a broad debt repayment plan be seen, with a low or zero interest rate."