During the second quarter of 2022, the current account showed a deficit of $894 million, according to data from the National Institute of Statistics and Census (INDIC). In the midst of Sergio Massa’s foreign exchange search, the agency also reported how many dollars Argentines held abroad and an estimate of undisclosed accounts. The government wants access to financial data abroad and has already sent the agreement to the United States to automatically share the information, according to AFIP chief Carlos Castagneto.
Red explains the current account with a primary income deficit of $2,904 million, partially offset by net income recorded in the balance of goods – where imports were affected – and services for $1,446 million and secondary income for $563 million.
The financial account showed net capital inflows of $2,119 million. As a result of balance of payments transactions, international reserves increased by 1283 million dollars.
The services balance for the second quarter of 2022 resulted in a deficit of $1,619 million. This deterioration was mainly due to an increase in the deficit recorded in transportation ($693 million), travel ($295 million) and intellectual property ($92 million), which was partially offset by an improvement in other business services ($160 million). dollar).
The total external debt balance, with debt securities at a nominal residual value on June 30, 2022, was estimated at $274,837 million. In this sense, it showed a decrease of $567 million less than the previous quarter.
“The observed increase in the debt of the institutional sector, non-financial corporations and households and non-profit institutions serving households (NPISHs) is not enough to offset the decline recorded by the rest of the institutional sectors in their respective levels of external debt.”, Indec details.
On the other hand, IIC’s net creditor was $110,747 million, down $5,376 million from the immediate prior quarter. The report added, “This is due to the decrease in the market value of foreign assets held by evaluators at the same time that the increase in the market value of foreign liabilities was estimated.”
Argentine assets abroad amounted to approximately $419,558 million, an increase of $9,000 million over last year. The figure was $3,531 million lower than that recorded at the end of the first quarter of 2022.
“This decrease is mainly due to the decrease recorded in foreign assets of other sectors, particularly in the functional category of portfolio investments, as a result of a decrease in the market value of capital contributions,” the INDEC report explained.
Meanwhile, the other investment item values the unrecorded accounts of Argentines abroad. According to the statistical agency, it amounts to 258 thousand million dollars. The government aspires to elicit more information from exchanges with OECD jurisdictions as well as with the United States, where it is estimated that there are at least $100,000 million in unauthorized accounts.
The head of the Federal Administration of Public Revenue (AFIP), Carlos Castagneto, indicated that 2,500 people who showed differences in their statements were found abroad, and that in these cases the analyzes are being deepened, according to Tellam.
The government hopes that the automatic exchange of tax information with the United States will be implemented from 2023. “We have already sent the agreement to the United States to see if we can fulfill the desire for information online,” he emphasized.
“In this case we reached more than 2,500 people who showed disagreements regarding what was reported abroad, this issue concerns the declarations of personal assets and profits for the 2018 financial period,” Castagneto confirmed to Radio Nacional.
“This is the result of financial information crossing, and information has also been requested from countries such as Uruguay, Switzerland, Luxembourg, France, Italy, Spain, the Bahamas and Andorra,” he added. Transit.
The AFIP chief predicted “record revenue on an annual basis, it was growing, it’s one of the goals that the International Monetary Fund set for us,” although it affects inflation, which is expected to approach 100 percent. “There is no recession in Argentina, on the contrary, there is a large expansion; we have to solve inflation and improve incomes,” Castagneto concluded.