After the triumph in the PASO, the advisors of Alberto Fernández allowed to transcend that, once in the Casa Rosada, there will be changes in several taxes. The aim, in addition to the withholdings, is set on Personal Assets and a special tax that would be applied to assets of Argentineans abroad bleached during the previous government.
"In tax terms, Argentina puts a lot of pressure on societies and little on individuals. We will review that issue," says Fernández. In the case of Personal Assets, greater "progressivity" will be given to the lien. That is, the rates will be differentiated according to the taxpayers' assets.
"We must improve the accounts, possibly with a tax change on Personal Assets," he reiterates, thus anticipating the changes that come in the tax structure.
In this context, accounting and tax studies are "full" answering questions from their clients and analyzing which are the most appropriate financial alternatives to face the new scenario. One of them is leasing, which is part of the recommendations made to reduce fiscal pressure.
It is that this instrument allows you to get a good by paying a monthly fee and, at the end of the contract, buy it or apply the remaining money (residual value) to the acquisition of a newer model through a new lease (see infographic ).
"It is enough with a political statement in a media to generate a strong wave of customers, people and companies, eager to seek a legal way to avoid paying so many taxes," says iProUP Ezequiel Passarelli, accountant and specialist in taxes.
A "shortcut" to the tax raise
Alberto Fernández has been making changes in the tax matrix, both in withholding taxes on exports and the income or personal property tax. Accounting studies recommend different options to ease fiscal pressure on assets, some more complex than others.
Among them, there are some simpler ones to implement, such as leasing financing: "Avoid paying Personal Property for that purchase, given that during the years the contract lasts, the good is not yours," explains Passarelli.
2019 was a negative year for all forms of financing. Partly because of the high rates, but also because of the fall in activity. Therefore, from the accounting studies, they anticipate that an imminent tax increase (such as the increase in aliquots of Personal Assets) will generate a strong turnaround for leasing, due to the tax advantages it offers.
This is the financial product less known to a good part of society: according to the Central Bank, only 15% have ever heard of this instrument (the list is headed by cards, deposits and loans). It works in the following way:
- The buyer of a good (policyholder) accesses a good owned by a supplier
- To do this, it uses leasing made with an entity (donor), which can be a bank or a financial
"The buyer does not incorporate that asset into his estate during the life of the contract, so in those years it has no impact on the basis of the calculation of Personal Assets," Maximiliano Farrapeira, a graduate in Finance, tells iProUP.
In addition, Sebastián M. Domínguez, partner of the SDC Tax Advisors study, points out an additional advantage: "If one acquires a car through this modality and crashes it, one must take care of the arrangement. But at the end of the contract, the unit is returned and the giver is who is responsible for the devaluation derived from the damage the vehicle suffered. "
According to the Argentine Leasing Association (ALA), the policyholders who take the lead are small and medium-sized companies, with almost 50% participation, followed by large companies (42%) and the public sector (8%)
"With regard to natural persons, there will be a growing interest when the income tax can be deducted," Hernan Bernat, president of ALA and manager of HSBC, tells iProUP, referring to the monthly fee that was paid according to contract. In companies, it can be deducted from Earnings, not individuals.
From the Association they approached a proposal to the AFIP to simplify bureaucratic procedures and reach more natural persons who turn to the purchase of a car. The initiative had been raised with dealers (ACARA) and manufacturers (ADEFA) to boost the automotive industry.
"In order for the market to be dynamic in the case of cars, the calculation without VAT limitations and the deduction without cap of the income tax can be allowed as proposed by the original Leasing Law," Dominguez agrees, referring to both taxes taking As a basis for these vehicles a value of $ 20,000 since the promulgation of the standard in 1995, when for that amount a mid-range vehicle was acquired.
The impulse on this form of financing not only depends on whether or not a certain tax increases. It is that leasing grew steadily during the last decade. In 2009, the portfolio was $ 3,600 million, while in June it climbed to $ 30,221 million, from and 10,000 contracts concluded.
Despite this progress, there was a stagnation after the peak of December 2018. The instrument was affected by the fall in investment, in a context of high interest rates, low consumption and overstocking of merchandise.
"On a general level, we need that the consumption return and the wheel of the economy begins to be put into operation. The industrialists tell us that they do not renew the machines because they can be 15 days to repair them and, in the meantime, they are not exhausted the whole stock, "says Bernat.
In the same vein, Virginia Dedomenici, treasurer of ALA and leasing manager of Banco Supervielle affirms to iProUP: "The demand fell because there are no investments in production goods," while advancing: "It will grow again as there is a slight revival. of the economy. "
It is that, as he explains, this instrument is used to a large extent for the purchase of capital goods - machines, harvesters, trucks, etc. - and during the recession there was a stop of these acquisitions.
"There are a lot of companies that consult because they want and need. When the economy moves and there are investments, demand will increase," Dedomenici details.
In this sense, another of the variables will enhance this type of financing is the launch of productive investment lines at subsidized rates.
Alberto Fernández reiterates that his government will focus on the productive aspects over the financial ones. And he is convinced that banks will lend again.
"A subsidized line will further energize this form of financing, because acquiring capital goods is the essence of leasing," Gabriela Tolchinsky, leasing manager at Comafi and vice president of ALA, tells iProUP. From this bank they also expect a reactivation to acquire assets without having to immobilize capital.
"With a drop in rates, companies' interest in this product will increase. No one wants to borrow 75%," Tolchinsky adds. The specialists consulted agree that the greatest leasing potential lies in the purchase of vehicles, which accounts for almost half of the operations, in these categories:
- Transport goods (32% participation): pick up, trucks and utilities, which have 10.5% VAT because they are capital goods
- Rolled (16%): cars purchased by the final consumer and, therefore, are taxed at 21% VAT
In this way, leasing for the purchase of cars looks attractive to avoid adding them to equity during the years of the contract. Companies could use it for the purchase of pickups, utilities and cars and deduct the monthly income tax.
In addition, this modality allows to be always "updated" in technological terms. "Whoever buys a Tesla, will return it and take out a new one with leasing. In fact, Tesla prevents the purchase option because it plans to keep the used ones and make them autonomous to offer UBER-style trips," says Dominguez.
"The sale of vehicles motorizes leasing, but above all it has a dynamic effect on the industry in general," says Tolchinsky. In Argentina, the most chosen financing is the savings plan: the fees are paid and after a while the roll is obtained. But the opposite is true in the world: the leasing is used to buy, the good begins to be used and just there the cancellation of the quotas begins, "says Tolchinsky, vice president of ALA.
A little known tool
The Leasing Law, which details the type of contract, guarantees and tax aspects, was sanctioned in 2000. In developed economies, the share of the assets granted through this tool as a percentage of GDP is higher than the nations of Latin America. In Argentina, penetration is just 0.13%.
In the world ranking of Leasing participation on GDP, the country is ranked 48, reveals the financial specialist Maximiliano Farrapeira to iProUP. North America (due to the weight of the United States), Europe and Asia hold 95% of global participation.
Beyond the economic situation, the use of this instrument is limited simply by ignorance of its benefits. "In a normal situation, it is super valuable, especially because of the tax advantages. As it is not known, it is not demanded so much," Pedro Cascales, SME entrepreneur of the railway industry and spokesperson for CAME, tells iProUP.
What they notice in that sector of the Confederation is that microenterprises, in which everything is resolved by an accountant - both the financial part, as fiscal and labor -, it is difficult for them to know how this alternative works.
On the other hand, medium-sized companies, with another structure, do not evaluate only the interest rate, but also consider other variables, such as amortization or tax relief.
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