“Qatar Dollar”: retrospective application, low card consumption and potential surprises in summary

Eleven days before the start of the 2022 World Cup, it was determined that the implementation by the banks of the “Qatar dollar”, the most expensive in the market, would be retroactive to the actions taken from the previous 13 October.

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

Banks ended up implementing systems that would allow the consumption of all cards of the same holder to be linked. If that total exceeds $300, a surcharge on consumption of foreign currency will apply 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 currencies over $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, in one or more financial institutions, exceeds the $300 limit, he must pay 100% of the tax burden, corresponding to 30% of country tax, 45% of advance income tax and an additional 25% of advance Is. of personal properties.

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 $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.