Buenos Aires' TRP concession in doubt

06 Nov 2015

The head of Argentina's tax authority (AFIP), Ricardo Echegaray, has asked the courts to withdraw the concession awarded to Terminales Río de la Plata for container berths 1, 2 and 3 at the Port of Buenos Aires.

It is claimed that the company owes the state $10.5m in unpaid taxes.

Echegaray has also written to the US Securities and Exchange Commission to keep them abreast of developments.

TRP's tax evasion was carried out through “two manoeuvers that aim to erode the tax base for the payment of income tax on the use of non-deductible expenses and deductions not practiced on payments to foreign recipients”.

The AFIP said it had challenged "exchange differences and interest deducted of approximately 150 million pesos for a financial loan in foreign currency applied to the purchase of shares”. TRP, it stressed, had tried to hide the move as part of a package of loans worth Pesos270m negotiated with international agencies.

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