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DJ Argentina, Costa Rica Sign Deal To Track Down Hidden Funds77 days ago
BUENOS AIRES (Dow Jones)--Argentina has signed an agreement with Costa Rica to share banking information, in the latest move to tighten the noose on Argentines with cash hidden in overseas tax havens.
Similar agreements were recently signed with Andorra and Monaco.
The deals are designed to stop tax evasion and fraud by exchanging tax information, lifting banking secrecy and allowing agents to conduct investigations overseas, according to the Ricardo Echegaray, director of Argentina's tax agency, or AFIP.
Argentina is expected to sign similar deals next week with the Bahamas and San Marino, in addition to a customs information agreement with Russia, AFIP said in a press release Tuesday.
The government is also working to reach financial information sharing agreements with a number of additional tax havens such as the Cayman Islands, Dutch Antilles, Aruba, Barbados and Jersey.
The push comes as part of a drive to catch tax cheats who failed to come forward before the Aug. 31 end of an amnesty program for Argentine companies and individuals with hidden funds and unpaid taxes.
The amnesty plan hauled in 32.8 billion pesos ($8.5 billion), surpassing expectations, but still leaves a large amount of funds held by Argentines overseas or suspected to be hidden from authorities.
According to various estimates, Argentines have well over $100 billion in funds invested overseas.
Just under 170,000 companies and individuals took advantage of the amnesty plan, paying ARS14.7 billion in debt owed to AFIP.
Almost 36,000 individuals legalized undeclared funds under the amnesty, bringing in ARS18.1 billion hidden by individuals overseas.
Individuals were allowed to declare their hidden stashes and wipe the slate clean by paying an 8% tax, or just 1% if the funds are invested in real estate or capital goods. That compares with an income tax as high as 35% that would have been paid on most of the funds.
-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738; shane.romig@dowjones.com
(END) Dow Jones Newswires
November 24, 2009 12:06 ET (17:06 GMT)
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