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In an eerie glimpse of what a cashless society enables, the government of Argentina has taken the drastic step of mandating banks to report every credit card purchase to the tax authorities, AFIP. Also introduced on Friday, another measure adds a 15 percent tax surcharge every time a purchase is made outside the country using a credit card issued by an Argentine bank.
This action targets those people that have been using credit cards as a way to purchase at the official rate rather than the black market rate, in effect creating a dual credit card exchange regime. Capital flight is high in Argentina due to the depreciating peso and currency controls are becoming more and more aggressive.