The national government will fine and prosecute banks that delay payment of the check tax.

The national government will tighten controls on banks' compliance with their role as withholding agents for the tax on bank credits and debits, better known as the "check tax." According to official sources, a series of sanctions is being prepared, including fines and criminal charges for entities that fail to transfer the collected funds to the treasury within a maximum of 15 days.

The Ministry of Public Revenue suspects that some entities are not declaring or transferring withheld amounts in a timely manner , which could represent a scheme to generate temporary profits with funds that do not belong to them. One of the cases under investigation involves movements of $2.2 billion in a single month.

The check tax , which levies 1.2% on each bank transaction, is among the state's main sources of revenue. In 2023, it raised $9.4 billion, representing a year-over-year increase of nearly 200%. It is currently the fourth largest tax behind VAT, Social Security contributions, and Income Tax.

It should be noted that not all transactions are subject to the tax: for example, transfers between accounts held by the same account holder, salary, retirement, and pension payments, and loan accreditations are exempt.

Banks' failure to act as withholding agents not only has a direct financial impact on state coffers, but also violates the principle of fiscal responsibility to which those who handle third-party public funds are subject.

The investigation is part of a broader government effort to improve tax collection efficiency. This Thursday, the executive branch sent Congress a bill aimed at capturing "mattress dollars," the US dollar savings that Argentines keep outside the banking system.