Portfolio moving forward, with plans to introduce “monotributo tech” exchange rate for freelancers in the knowledge economy
The Economy Ministry is advancing with a new “monotributo tech” tax scheme for hi-tech freelancers that would offer a differential and preferential exchange rate for their earnings overseas.
Many of those who work in the knowledge economy and IT sectors do all they can to keep salaries out of reach of Argentina’s authorities, often bringing foreign currency into the country for exchange on the black market, where they can multiply their earnings on the black market.
Now, the government wants to tackle that problem by offering a new scheme to persuade tech professionals to “clean” their money officially.
The measure slots into the concept of “the dollar-manufacturing-machinery”, driven by the Economy Ministry’s new head, Sergio Massa. Energy, agriculture and the knowledge economy are the key sectors spearheading his objective of obtaining hard currency.
The portfolio is advancing with tax relief measures, aimed at offering the knowledge economy incentives in the form of a differential and beneficial exchange rate, according to reports.
In this direction, an emergency decree is set to be published, living life to the so-called “monotributo tech”, tax scheme to the self-employed in the sector, whereby its professionals (such as designers, gamers and programmers, among others) may sell their services abroad with a specific dollar for their activity.
Now, the implementation os a special tax scheme is expected, the objective is for those professionals to cash in the dollars obtained for their work in official money markets. Hi-tech freelancers currently cash in their export dollars on alternative exchange markets, because the official exchange rate only gives them 143 pesos per dollar, whereas the various parallel options hover around 300 pesos.
Knowledge Economy Secretary, Ariel Sujarchuk, has highlighted that “it’s a measure which will need to be applied with intelligence and we’re analysing it hard”.
The aim is to facilitate conditions for a sector, whose work is in very high demand abroad, but runs into regulatory bottlenecks, which make business difficult. The “monotributo tech” rate will be for those invoicing companies abroad and not those working for local firms.
The scheme falls in line with a measure adopted in June by the Banco Central, permitting these workers up to US$12.000 in bank sccounts without it having to be cashed in at the official exchange rate.
Along these lines, the Ministry also aims to relaunch the “Argentina Programa” plan, in order to have, at least, 70.000 new programmers in the next year. Also, under ministerial analysis, is a tax credit bonus equivalent to 70% of the employer contributions paid by companies registered in the Registro de la Economía del Conocimiento.
The economic team is aiming at three sepcific sectors to net dollars: agriculture (a new “soy dollar”), energy and the knowledge economy.