The new tax amnesty has raised a new record, the princely sum of US$ 117 billion, yes, you read that right. The figure broke the estimated US$ 100 billion by quite a margin. This news was announced yesterday by the Minister of Finance, Nicolás Dujovne and the head of the tax collecting agency AFIP, Alberto Abad.

The three teared amnesty that was launched in August had steadily raising funds from declared assets. Within those assets, 110,000 properties were declared throughout the country, mostly in the province of Buenos Aires. In December, the figure had reached some US $90 billion of declared assets.

“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.” expressed Prat Gay back in December.

Photo via Página Popular
Photo via Página Popular

Of the total declared, 93.3 billion dollars came from overseas, 80 percent, and 23.5 billion in the country. The US$ 117 billion asset raise was the second highest in world history, behind Indonesia which saw US$ 330 billion declared at the end of March.

However confidence in the government’s economic trajectory seems to be relatively low. How so? 98 percent of people paying tax penalties opted for paying the price in cash as opposed to the measly two percent who settled for taking government bonds.

So why Argentines are coughing up more than ever?

Amongst other reasons, no questions asked, maybe? Standing as one of president Mauricio Macri’s key policies, it allows Argentine citizens and residents to declare previously undeclared assets by simply paying a flat penalty without having to announce where the money has come from.

Also, Donald Trump’s administration recently ratified an exchange agreement which was signed under Obama. It will allow AFIP to gain information about Argentines’ potential rent revenue, professional fees and bank accounts that have been declared to the IRS but not the AFIP. “It was unthinkable a few months ago that Argentina could do so,” said César Litvin, head of the Lisicki Litvin and Associates.

Read more: AFIP To Receive Information On Assets Held By Argentines In The US