Argentina seeks to repay pensioners through an estimated US$500-billion tax amnesty

, Canada

Mauricio Macri, Argentina's president, speaks during an event in Buenos Aires, Argentina.

Argentine President Mauricio Macri announced a amnesty on an estimated US$500 billion of unregistered funds stashed abroad to pay pensioners and help fund a multi-billion dollar infrastructure program.

The funds will pay a tax of between zero and 15 per cent depending on the amount and when they are brought back into the country, the government said in a statement. The government needs to raise 47 billion pesos (US$3.4 billion) to pay legal sentences awarded to pensioners, and another 75 billion pesos (US$5.4 billion) a year to pay higher pensions in future.

“Today with this law we’re sending to Congress we’re seeking to repair years of injustice because we’ve found lots of situations where pensioners have made legal claims, won judgments and yet the state persists in seeking any trick to avoid paying,” Macri said in a televised speech.

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