Stock. At the end of 2010 had placed U.S. $ 7.126 million
The money that people and (mainly) companies have placed in foreign banks fell by $ 1.499 million (-17.3%) compared December 2010-December 2009. It's the biggest drop in amount and in percentage since no data.
After March Uruguayan deposits in foreign banks reached U.S. $ 8,893 million, the highest since data are available (1995) -, they began to fall in subsequent quarters as the International Bank data Settlements (BIS by its acronym in English).
Thus, at the end of June totaled U.S. $ 8,785 million (U.S. $ 108 million less than in March) to U.S. $ 8470 million in September (U.S. $ 315 million less than in March) and end of December reached U.S. $ 7.126 million (U.S. $ 1,344 million lower than at end-March), according to data released yesterday by the BIS. In addition, the amount of December is the lowest in two years. In turn, if you compare the savings that Uruguayans were in banks outside the end of each year, the fall was U.S. $ 1,499 million compared to 2009.
Possible explanations for why there are several. In April last year, the government announced would send a bill to levy income tax of natural persons (PIT) to the income generated by movable assets that residents have outside (interest on deposits, bonds and stock dividends among others) were exempt.
Although no empirical evidence that announcement and the subsequent approval of the project have caused the decline, deposits abroad began to decline after the announcement, particularly the largest decline occurred in the last quarter (see chart).
The law imposes a 12% interest on deposits outside force since 1 January.
Meanwhile, in the banking system Uruguayan deposits grew 17% in 2010, this is U.S. $ 2,595 million more than at December 31, 2009. The income tax levied at different rates of interest for deposits in local banks as they are in local currency (pesos and indexed units) or in dollars. In the first case, the interest on deposits over a year to pay 3%, while those that are located less than a year to pay 5%. Meanwhile, the interest paid on dollar deposits by 12%. With rates at the international level on the floor (and, hence, little gain), it is likely that some of the fall in deposits in foreign banks has gone to the local financial system during last year. Is that the higher profitability of a placement in UI, and a lower rate of income tax that make it attractive return of capital.
Another part may have gone into investment in local bonds and other direct investment.
Also part of the deposits in banks outside may have gone to other overseas financial assets that Uruguayans consider more difficult to identify by the DGI (such as stocks or bonds) or real estate abroad, whose income from leases is not taxed on income tax.
To control the payment of income tax to the foreign assets the government designated as withholding agents, banks and local stockbrokers (See separate article).
"The only way to raise"
In the coming weeks, the Executive shall issue the decree regulating the law imposes income tax on income from assets abroad (such as interest on deposits, bonds or stock dividends ) and to designate banks and stockbrokers as withholding agents.
President of the Bolsa de Valores de Montevideo (BVM), Pablo Montaldo, told El Pais that "in conversations (we had) with the Ministry of Economy was very clear that the only way to raise the tax was naming withholding agents ".
response, "we suggest that the BVM can be named and thus administrative work to get the runners, "he said. Although not known whether he had been taken into account.
Montaldo assessed that" it is a cost "that" you can not charge customers "and that" certainly we will have to get people to work on this part. "
Meanwhile, consulted by El Pais, the executive director of the Association of Private Banks, Julio de Brun, declined to comment on the designation of these institutions as withholding agents as they are" studying "the issue.
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