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Monday, March 27, 2023

Qatar Dollar is applied retroactively and card consumption drops

12 days before the World Cup, the implementation by banks of the “Qatar dollar”, the most expensive in the market, will be retroactive to what was done since October 13, it was confirmed this Tuesday.

According to financial institutions, the measure refers to $331 a dollar and has already had an impact on card consumption, which fell 20%.

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Banks ended up implementing systems that would allow the consumption of all cards of the same holder to be linked.

If that total exceeds US$300, a surcharge on consumption of foreign currency will be applied to the balance.,

Thus, many cardholders may be surprised when they receive a summary of the amount consumed in November.

From October 13, the new dollar is in force with a surcharge of 25% “extra” on the value of “card dollars” for consumption made in foreign currency exceeding US$300.,

If a person exceeds that quota, their consumption will become more expensive: it will increase from $289 per card dollar to $331.

Taxes are applied even if it is a single movement, for example buying a plane ticket, or multiple deposits.

The new exchange rate is charged on total consumption, not surplus.

If an Argentine exceeds the US$300 limit in one or more financial institutions, he or she must pay 100% of the tax burden, corresponding to 30% of country tax, 45% of advance income tax, and an additional 25%. advance on personal property,

Although the measure took effect immediately from its application, there were some undefined points.

It is that the norm regulated by AFIP enforces that the US$300 quota is fixed on the CUIT of customers of banks and fintechs, and not on the summaries.

This presented a problem for entities that until now there was no way to “cross” this data and know how much a person spent in another entity.

It still remains to be resolved how users will be taxed, who should have paid “Qatar dollars” because of their level of spending, but were not charged because of failures in these systems because of all their consumption. was not crossed across different entities.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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