Photo via Tango Diario

In his last press conference as Minister of Treasury and Finance, Alfonso Prat Gay announced the “indisputable success” of Argentina’s latest tax amnesty law, with US $90 billion having been declared so far.

“We’re here once more with Alberto [Abad, AFIP tax collecting agency head] remembering the first press conference we held a year ago. You will remember how we started, I said we were happy to announce the end of currency controls [collectively known as cepo]. And today we are here with the same enthusiasm to announce the extraordinary success of the tax amnesty law, which hasn’t finished yet but is entering its final stage in January,” said Prat-Gay.

“As of 6 PM yesterday, according to the tax collector, who we are all very scared of, US $90 billion worth of assets has been declared. There were, as of yesterday, 235,000 affidavits, which tops any other tax amnesty that took place in the region, including Chile,” he added.

Prat Gay went on to explain that the US $90 billion represented 17 percent of the country’s GDP.

And he continued: “This exceeds the expectations of even those who were the most optimistic. It’s a sign that things are changing in Argentina and that beyond an economic team and an administration, this goes even further.”

When asked about his resignation, he said the reason behind the decision was linked to “concrete differences in the team’s functioning.”

“That’s why I’m stepping down,” he concluded.