Human rights organizations support the impeachment of the Supreme Court

The Government expanded the issuance of bonds to face the precautionary measure of the Court

The injunction of the Supreme Court of Justice was announced after the enactment of the Budget law for this year. / Photo: archive

The Ministry of Economy ordered the extension of the issuance of TX31 bonds for an amount equivalent to $98,500 million to face the precautionary measure of the Supreme Court of Justice that raised from 1.4% to 2.95% the rate corresponding to the city of Buenos Aires for the distribution of resources of the Federal Tax Co-participation Regime.

The measure was formalized through joint resolution 9/2023 of the Treasury and Finance secretariats of the economic portfolio published this Monday in the Official Gazette, in compliance with the request of the Chief of Staff through administrative resolution 1282 of 26 December of last year.

The measure “enters into force as of its issuance”, as indicated in its article 3, and, within two business days, the Ministry of Finance, through the National Office of Public Credit, will request the Central Bank to transfer the “National Treasury Bonds in Pesos adjusted by CER 2.50% Maturity 11/30/2031”, called TX31, for the total Original Nominal Value (ONV) of $65,382,679,179, was detailed in the annex.

As the technical value on the effective date of DA 1282/2022 was $1,506.5152 per thousand pesos of original face value, it has a value equivalent to the $98.500 million indicated.

In the recitals of the joint resolution, it is explained that the extension of the bonus was ordered because “neither in the 2022 budget nor in Law 27,701 of the General Budget of the National Administration for 2023 were budget items foreseen to cover the derived expense of the precautionary measure issued in the aforementioned records” and The Court’s precautionary measure was made known after the enactment of the Budget Law for this year.

The Public Debt Administration Directorate (DADP) will notify Banco Nación of the daily technical value of the TX31 Bonds for the available period based on the information published by the Central Bank as of December 26, 2022, the effective date of administrative decision 1282/2022.

Banco Nación will calculate the difference between 2.95% and 1.4% on a daily basis, while to determine the NAV of the bonds equivalent to the amount in pesos of that differential, it will apply the technical value informed by the DADP of the previous business day. to the calculation date.

Once that calculation is completed, it will transfer the bonds to the principal account of the City opened for such purposes.

“In the event that the city of Buenos Aires does not provide for the opening of the account, the BNA will proceed to open a transitory account for judicial deposits,” it was indicated in the annex to the resolution.

The same criteria will be used for the days that are pending transfer at the time of the entry into force of the resolution.

The details of the Federal Tax Sharing Law

Law 23,548 on Federal Tax Sharing was sanctioned in January 1988, when the then Federal Capital did not have autonomy, therefore – together with the then National Territory of Tierra del Fuego – it is not part of the secondary distribution, which establishes the rates corresponding to the provinces.

Article 8 of the law established that the Nation “will deliver to the Municipality of the City of Buenos Aires and the National Territory of Tierra del Fuego a share compatible with historical levels, which may not be less than the amount transferred in constant terms. in 1987”.

Once the autonomy of CABA was established, its rate was established by decree and outside the secondary distribution, starting with 1.4% that later, in the Presidency of Mauricio Macri, was raised to 3.75% and subsequently reduced to 3.50%.

This last percentage continued in force until September 2020, when President Alberto Fernández ordered its reduction to 2.32%, which later, through Law 27,606, was again set at the original 1.4%.

Source link

Previous Story

Petro responds to the objections of his ministers about health reform

Next Story

FANB captures a subject with war material in Aragua

Latest from Argentina