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Argentina’s Tax Amnesty Program Will Mean More Questions for Correspondent Banks
By Brian Monroe
printA plan approved Wednesday by Argentine lawmakers to entice tax dodgers to repatriate their assets will also motivate international bankers to ask questions of their counterparts in the country. Following a lengthy debate, Argentina's Congress approved its second tax amnesty program in four years, with the goal of recouping some of the estimated $200 billion held by taxpayers offshore or outside of banks, according to reports. Under terms of the plan, participants must use their undeclared assets to purchase bonds that mature in 2016. As in the country's 2009 tax amnesty program, which waived for six months a 35 percent...
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