Argentina Rakes in $116.8 Billion From Hidden Assets Amnesty

  • Government had expected investors to bring back $20 billion
  • Revenue will help finance debt, increases to pensioners

Argentina attracted almost six times more than it expected from an amnesty on unregistered funds held abroad, boosting fiscal revenue that might help it meet the budget deficit target for a second consecutive year.

The $116.8 billion total surpassed government estimates of $20 billion and raised 146.8 billion pesos ($9.5 billion) in fiscal revenue, tax agency head Alberto Abad told a press conference in Buenos Aires. Participants in the amnesty paid a 10 percent fine if they declared their funds before Dec. 31 and 15 percent after that. They were also given the option to invest in three-year government bonds paying zero interest or seven-year bonds paying a 1 percent coupon…

Argentina Rakes in $116.8 Billion From Hidden Assets Amnesty

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