An important part of the official strategy for automotive development is thus made official.
In 2020, Ámbito had advanced the main points of this project, which will now be debated in Parliament.
The measure consists of different incentives ranging from the early refund of VAT, which is paid by investments, to the accelerated amortization of capital, the elimination of withholdings on exports for new projects and the creation of a Mobility Institute, which will have the objective of harmonizing measures to improve productivity in a sustainable way. It will be made up of public and private participation and financed with the taxes paid by imported cars from outside the area.
Two important projects are pending, such as the Electromobility Law and the scrapping law for vehicles that are taken out of circulation.
What is being promoted now is a proposal for good measures that must be confirmed in reality. In fact, experience shows that the Argentine State does not usually fulfill its commitments.
One of the most important points is the return of the credit taxmanal that generate investments. When a company decides to allocate funds for a new industrial development, almost everything it pays has the VAT surcharge, which must then be recovered. For example, everything that concerns tooling and tooling.
In reality, this mechanism already exists but it is not fulfilled in a timely manner and what causes it is that the automakers accumulate a millionaire balance in favor.
Currently, the latest calculation made by the sector, last July, estimated that the debt that the State has with companies amounts to $ 35,000 million.
The problem is that the return of that money, due to the fiscal problems of the current government and the previous one – even, also, of previous administrations – does not materialize and, as the automakers make new investments, the amount increases.
This project says that now there will be a faster withdrawal mechanism.
In any case, we will have to wait to see how it works in practice.
In the text of the initiative there is a point that was not foreseen in the original idea that raised an automatic return. It is clarified in the project that the Ministry of Economy will be in charge of setting an annual amount of money to be returned, so the speed of return will depend on how the fiscal accounts are going.
What causes the non-return of this tax credit is that companies must incorporate as a cost the amount that represents the payment of that tax that is not recovered.
It is assumed that, with this new law, they will be able to impute it differently.
To this bulky debt, another $ 15,000 million are added that correspond to the VAT of free availability, Gross Income and an aliquot for capital goods.
That is, the State has a total debt with the sector of about $ 50,000 million for taxes that it collected but should have paid back.
At the official exchange rate, they represent about US $ 500 million, the equivalent of what a carmaker invests to establish a new model in the country.
Also the point on the elimination of withholdings on exports that generate new investments is a topic to follow. When the need for income is strong, what was written with the hand can be erased with the elbow.
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