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Draft Budget and Tax Bill for 2015. October 2014. Budget. Total Expenditure: ARS 246,207.4 million Total Revenues: ARS 246.285,9 million Financial Result: ARS 78.5 million Third consecutive year with a positive primary result : Closing 2013: ARS 3.32 billion

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budget
Budget
  • Total Expenditure: ARS 246,207.4 million
  • Total Revenues: ARS 246.285,9 million
  • Financial Result: ARS 78.5 million
  • Third consecutive year with a positive primary result :
    • Closing 2013: ARS 3.32 billion
    • Budget for 2014: ARS 5.27 billion
    • Budget for 2015: ARS 7.51 billion

The balance in the budget is not a goal in itself other than a means to sustain public policies in time

strong increase in security and justice for 2015
Strong increase in Security and Justice for 2015
  • Ministry of Security : for the 2015 Budget items to the Ministry of Security will grow by66% as compared with the 2014 budget
  • Ministry of Justice: the increase will be of 63%
  • Justice Department: will grow by 40%
due to public demand we priritizy security and social services

2,5%

12,0%

10,3%

2,1%

9,4%

10,0%

2,0%

1,5%

8,0%

7,0%

1,5%

6,0%

1,0%

1,0%

4,0%

0,5%

2,0%

0,0%

0,0%

2007

Bud. 2014

Proj. Bud. 2015

2007

Bud. 2014

Proj. Bud. 2015

Due to public demand, we priritizy Security and Social Services
  • Social Services/GDP ratio
  • Security Services /GDP ratio
personnel reinforcement in sensitive areas
Personnel reinforcement in sensitive areas
  • 10.000 police officers in the centralized police force
  • 15.000 police officers in the local police force
  • 10.000 teachers
  • 6.000 doctors, nurses and healthcare assistants
inverstment in infraestructure health envornment
Inverstment in Infraestructure, health, envornment
  • We will allocate more than ARS 1.5 billion to strengthen the provincial road network.
  • We will continue the Comprehensive Plan for the Capital Region, including sanitation, drainage and dredging of the El Gato stream, and the adequacy of several streams.
  • We will implement a comprehensive environmental and social management plan in the Reconquista River Basin, financed by a IADB loan for USD 230 million.
  • We will continue building a revolutionary health system by setting up seven new Early Care Units (WCU) in different municipalities of our Province.
transfers to municipalities

135 Municipalities

(in thousands of pesos)

Estimated 2015

Budget

CONCEPT

(with Tax.

Var. %

2014

Policy)

TOTAL

25.535.204

35.110.691

37,5 %

CO-PARTICIPATION

19.056.867

26.039.140

36,6 %

EDUCATION FINANCING FUND

(

1.446.354

2.212.667

53,0 %

FONDO SOLIDARIO PROVINCIAL

(Afectado a Infraest.)

856.136

1.384.440

61,7 %

DESCENTRALIZACIÓN TRIBUTARIA

882.727

1.130.712

28,1 %

FPS and SA Fund (

To social plans)

477.142

610.468

27,9 %

FPS and SA Fund (

To waste treatment)

184.232

222.388

20,7 %

MUNICIPAL STRENGHTENING FUND

1.250.087

1.721.381

37,7 %

SOCIAL INCLUSION MUNICIPAL FUND

928.282

1.277.909

37,7 %

GAMBLING

453.376

511.585

12,8 %

Transfers to Municipalities

Between 2007 and 2014, transfers to municipalities have grown by 570%

tax law
Tax Law

For 2015 the tax law sets forth measures to sustain the progress made in terms of equity and progressivity in the provincial tax structure, promoting, inter alia, the necessary updates to mitigate the loss of tax share in public financing.

urban real estate tax
Urban Real Estate Tax
  • The tax valuation is updated by 10.5% following two years without modifications.
  • This figure is lower than any indicator showing, for example, property price evolution.
  • The tax base adjustment coefficient is increased from 0.85 to 1.
  • Up to 60% of the tax payers will pay a tax increase lower than ARS 30 per installment.
slide10

Urban Real Estate Tax Lag (I)

Urban Real Estate /Housing prices

Without tax updates the real estate tax policy to housing price ratio would reach the lowest level in the last 22 years.

slide11

Urban Real Estate Tax Lag(II)

Automotive/Urban Real Estate Tax

With tax increases we would not recover what has been achieved in 2013, we would only prevent the bias to continue

impuesto inmobiliario rural
Impuesto Inmobiliario Rural
  • The tax base is updated following two and a half years without modifications.
  • The tax base adjustment coefficient is increased from 0.50 to 0.65.
  • This figure is lower than any indicator showing, for example, the young bull price evolution.
  • Up to 60% of the tax payers will pay an annual tax increase lower than ARS 10 per hectare.
rural real estate tax
Rural Real Estate Tax
  • Agricultural emergency and/or disaster
  • Administrative steps are streamlined so that ARBA can grant tax breaks “ad referendum” of the corresponding provincial decree.
  • Tax break on the rural real estate tax for 2015 in line with the declaration in 2014.
slide14

Rural Real Estate Lag

Rural Real Estate per ha/kg of a youngbullprice

While in 2013 the tax accounted for 7.6 kg of young bull per ha, even with a tax increase for 2015 we would reduce to 5.3 kg per ha

some of the proposed mofidications
Some of the proposed mofidications
  • Tax on the gratuitous transfer of goods: as it is a intergeneration personal property, we modify the concept of tax exception from a billing to property valuation.
  • Gross revenues tax :
  • The rate on plane tickets is increased to 3.5%
  • School transport rate is reduced
  • The tax exception on the purchase of fuel from planes and boats is eliminated.
slide16

…Debt reduction …

Debt / GDP (%)(1)

Debt / Total Revenues

(1): The data correspond to the report on “Gross Domestic Product of the Province of Buenos Aires“ elaborated on October 9, 2013 by the Provincial Statistics Bureau.

Source: Ministry of Economy.

During 2015 we will maintain the debt reduction policy, with a ARS 1.6 billion reduction. Debt service will be paid in the amount of ARS 21.06 billion and potential funding operations are expected for ARS 19.41 billion.

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