Ana Clara Pedotti
08/19/2021 5:51 PM
Clarín.com
Economy
Updated 08/19/2021 19:06
VAT tax check, stamp tax, Gross Income, municipal taxes ..
.
they are just some of the taxes that families and businesses are charged when they take out a loan from a bank.
In a context of falling bank credit,
the tax burden appears as a weighty factor, which discourages financing
in this way.
So much so that in personal loans, the most popular, the "taxes" factor can be equal to 50% of the interest paid by the user who takes the loan.
Tax pressure on credits.
Argentina has, in addition to a high tax burden, the
lowest credit / GDP ratio in the region, which barely reaches 10% of Product.
Local entities, grouped in the
Association of Argentine Banks (ADEBA) and the Association of Banks of Argentina,
complained about the high tax cost, which discourages families and companies from taking a loan from a bank.
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Tax pressure on loans
In percentage.
Tap to explore the data
Source:
IERAL OF THE MEDITERRANEAN FOUNDATION BASED ON OFFICIAL REGULATIONS Infographic:
Clarín
"The decision to finance with loans is" punished "by a high tax burden",
assured the entities, who warned that "this strong additional burden occurs both in short-term loans such as personal loans and also in longer-term loans such as mortgage,
impacting families and companies ".
"We urgently need to grow in investment and financing volumes to achieve sustained growth and development, generating quality employment. For this, it is essential to have a system that facilitates access to financing and that on the other hand
, backpacks or counterweights are not loaded. that many are unaware of,
"they assured.
Tax pressure on credits.
With this in mind, they commissioned the Mediterranean Foundation to
put the magnifying glass on the Total Financial Cost of the loans
. The study showed that a good part of the increase in credit costs corresponds to the rise in tax pressure, "especially with regard to
provincial and municipal taxes
, whose aliquots
have increased practically without pauses since 2009
," the work pointed out.
The report showed that for example,
for personal and mortgage loans,
which have an annual interest rate of 40%, the
total financial cost jumps up to 57%
when VAT, tax on bank debits and credits (IDCB), tax are added. provincial stamps (IS), provincial tax on gross income (IIBB) and municipal fee for health and safety inspection (TISH).
These 17 percentage points of difference mean
an increase of 42.5% in the installments to be paid.
In the case of companies, the situation does not improve despite the fact that the weight of VAT in this calculation is less (just 10.5% on interest).
They end up paying between 7.3 percentage points and 12.2 percentage points above the annual rate of 40%.
But in addition to these taxes, the report warns that there are other taxes that govern banking activity, such as contributions and contributions to social security, income tax, among others, which lead to
the tax burden explaining 44% of the total financial cost of a loan.
"In this way, if a person pays a monthly installment of a personal loan that includes $ 1,000 of interest, in reality he will be paying $ 440 of taxes and $ 560 of pure interest rate (net of all taxes levied on the financial transaction and the entities financial) ", warned IERAL.
Additionally,
the five most populated provinces of the country collect Gross Income
on the income of financial entities. These rates range
from 7% in Mendoza and Santa Fe, to 9% in Buenos Aires and Córdoba.
The City of Buenos Aires has an 8% tax rate since this year. These perceptions have grown steadily since 2009 and are more than double what was paid 15 years ago.
At the same time, the
municipalities also increased the burden of the fees
they charge to banking activity, which
average 4.8%
.
IERAL remarked that this may have been possible because all these
taxes remain "hidden" in interest rates,
but clearly impact on lending interest rates and then on economic growth ".
"To grow in Savings we need policies that strengthen our currency. To grow in Credit and Investment, it
is necessary for the policy to eliminate the distortions that generate the Argentine cost overrun
that does not allow economic activity to be competitive," said
Claudio Cesario
, president by ABA.
His partner
Javier Bolzico
, from ADEBA, stated that bank credit can enhance economic recovery but that "policies consistent with this objective are required, including a tax scheme, at all levels of government."
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