City announces measures to promote SMEs – 07/30/2018

The Government of the City of Buenos Aires will announce a series of measures to alleviate the tax burden of SMEs in Buenos Aires. They will also receive special financing, with lower interest rates at the private bank, for exports and the incorporation of equipment goods.

"Seven jobs out of ten in the city are generated by SMEs," says Felipe Miguel, chief of staff of the government of the city of Buenos Aires. "We will eliminate bank withholdings, streamline and simplify procedures, speed up scheduled inspections and open a line of attention to SMEs," said Martín Mura, Minister of Economy.

Javier Ortiz Batalla, President of the City Bank, pointed out that there will be a rate of discount checks – with less interest than private -, UVA loans and financing for exporters.

The Buenos Aires Economic Team noted that a bank hold (Sircreb) was bothering local traders and SMEs. This deduction affects all taxpayers who earned $ 10 million in 2017. They will be left without payment for 180 days. This also reaches 192,000 contributors to the Simplified Gross Revenue Plan. In addition, a series of transactions previously covered by this withholding will cease to be: the transfer of a particular sale of real estate to a transfer of money from abroad by the reimbursement of social works or the payment of claims by insurance companies.

Another decision has to do with the administrative. There will be a deletion of records for businesses. On some occasions, they must even register 130 times. "Duplicate registrations will be eliminated, they will only have to register in the registers of the Nation," said Mura, "In addition, the state will not require any information that the l & rsquo; State itself publishes, such as DNI or CUIL for companies, "he added.

Exporting Companies Buenos Aires will have access to a rate of 0% to 180 days when they will need 2 million US dollars. This is for companies that have already done foreign trade operations before. There is also a rate of 4% for the purchase of capital goods in the US currency

SMEs in Buenos Aires will have a line of badistance (# 147) with direct badistance to raise those doubts.

be financed by the reduction of checks. The rate of this transaction has increased significantly because of the monetary policy of the Central Bank. The city proposes to finance this operation at a rate of 25%, which would be the most competitive market, according to his authorities.

It will be the same with the line "Ciudad Productiva". It will lend up to $ 10 million (the current cap is $ 5 million) up to 36 months. They also argue that the -25% rate, with guarantees from mutual guarantee companies (RMS), is the most attractive on the market.

Advanced UVA Loans (which were no longer common due to the acceleration of the exchange rate and inflation) are in the portfolio of the Bank of Buenos Aires. The rate is 9% for capital goods and 9.4% for working capital

There will also be changes in planned city government inspections (fire extinguishers, security issues, plans). They will be notified 72 hours in advance. This type of procedure – which constitutes 80% of the visits, does not include black jobs – will be carried out in such a way that each revised signature will no longer be inspected for 6 months.