An impending December tax amnesty deadline for Argentine residents to declare previously undisclosed assets has some legal and tax professionals scrambling to prepare balance sheets.
Argentines are estimated to have up to $500 billion in offshore assets, and that country’s government hopes that the amnesty period, together with other factors, will catapult more of them to report their assets to the taxing authority. But in a country with a tradition of an informal economy and distrust of government, coming clean still isn’t an easy decision to make.
