Page 6 - L'ITALIANO
P. 6

 PAGINA 6
ECONOMIA
L’ITALIANO MARTEDÌ 2 APRILE 2019
                ZZ+gV~+GA+
LƃsÏÊ3ŗƃ􏰀­ƃÄ􏰁􏰀ƃs­­􏰀
1⁄2À􏰁ää􏰀ƃ􏰂􏰀Óƃ􏰃􏰁¦ƃòõƝ
8sƃ3ÀsƃÄ􏰀ƃs¬~􏰀sŖ
À􏰀­sÀ􏰀ƃs¦¦Ž3À􏰀ää3­Ê􏰁
+ô􏰆ÜÜǟȇÃ􏰇1⁄4ȇżźŻƂȇÜÉ1⁄4ÉȇéÃ􏰆ȇ1⁄4¬􏰇ô􏰇ȇ􏰈ÉÃäØ􏰆Ā¬ÉÃ􏰇ȇ􏰉􏰇1⁄41⁄4􏰇ȇä􏰆ج££􏰇 bج􏰇Üä􏰇ȇ ȇä􏰇ØĀ􏰆ȇ£Ø􏰆ȇ¬ȇ􏰈􏰆ÕÉ1⁄4éɤ©¬ȇ􏰉¬ȇØ􏰇¤¬ÉÃ􏰇ȇÂ􏰇ÃÉȇ􏰈ÉÜäÉܬ
TF DIF TUJBNP WJWFOEP o MB UFO EFO[B QBTTBUB Ï RVBTJ TFNQSF TUBUB BMMJOTFHOB EJ OVPWJ SJ CBTTJ EFJ QSF[[J B DBVTB EJ VO NJOPSF VUJMJ[[P EFJ WFJDPMJ F VOB DPOTFHVFOUF NJOPSF TJOJ TUSPTJUÈ " RVFTUB UFOEFO[B GB DPNVORVF EB DPOUSBMUBSF MFTJ HFO[B EFMMF DPNQBHOJF BTTJDV SBUJWF EJ SFDVQFSBSF NBSHJOB MJUÈ QFS NBOUFOFSF MB QSPGJUUB CJMJUÈ EFM CVTJOFTT
6OB QSPJF[JPOF EJGGVTB RVBMDIF TFUUJNBOB GB EB 'BDJ MFJU WB OFMMB TUFTTB EJSF[JPOF EFM$PEBDPOT QVSDPOVOQFSJ NFUSP EPTTFSWB[JPOF EJGGF SFOUF/FMDBTPEFMTJUP JOGBU UJ JMSJGFSJNFOUPÏBMMBRVPUBEJ BVUPNPCJMJTUJ DIF RVFTUBOOP Ï BUUFTB B VO FTCPSTP NBHHJP SF SJTQFUUP BMMP TDPSTP BOOP QFS BTTJDVSBSF MBVUP " 5SJF TUF JM DPOUP TBSÈ QJÞ TBMBUP QFS JMEJMPSP QFSTP OF JO EBUP BTTPMVUP  *M $PEB DPOT MBNFOUB BODIF JM QFSNB OFSF EJ jJOHJVTUJGJDBUF EJGGF SFO[F EJ QSF[[P TV CBTF UFSSJUP SJBMF #BTUJ DIF QFOTBSF DIF B /BQPMJ QFS BTTJDVSBSF VOB BV UPWFUUVSB TJ TQFOEPOP NFEJB NFOUF   FVSP BE "PTUB
3􏰃s3­ÄŖƃ􏰃􏰁ÄÊ􏰀­sÊ3 sƃ1⁄2À3Ä􏰁􏰂Ï􏰀À􏰁 􏰀¦ƃÊÀ􏰁­􏰃ƃs¦ƃÀ􏰀s¦ä3 􏰂􏰀xƃ􏰃sƃs¦Ï­􏰀ƃ¬􏰁Ä􏰀
OF CBTUBOP BQQFOB x /V NFSJ DIF GBOOP SJGFSJNFOUP BM MF TUBUJTUJDIF EFMM*WBTT -F TUFT TF DIF JOEJDBOP 5SJFTUF UFS[P DBQPMVPHP EJ SFHJPOF QJÞ DPO WFOJFOUF QFS QSF[[J DPO VOB NFEJB EJ  FVSP TVQFSJPSF o PMUSF DIF BMMB HJÈ DJUBUB "PTUB BMMB TPMB 5SFOUP   #FO QJÞ BMUP JM QSF[[P EB TCPSTBSF BMUSPWF DPNQSFTF MF BMUSF QSP WJODF TFUUFOUSJPOBMJ EPWF JM GF OPNFOP EFMMF USVGGF o DIF WJF OF JOEJDBUP EBMMF DPNQBHOJF BTTJDVSBUJWF QFS HJVTUJGJDBSF J DPTUJ FTPSCJUBOUJ BM 4VE o OPO Ï EJGGVTP " .JMBOP JM QSFNJP NFEJP Ï  FVSP NFOUSF B 7FOF[JB TJ TBMF B  F B 5PSJ OP B  FVSP 2VBOUP BMMB OP TUSB SFHJPOF B 5SJFTUF  TFN QSF OFJ EBUJ *WBTT  J QSF[[J NF EJ TPOP DPNVORVF QJÞ BMUJ SJ TQFUUP B (PSJ[JB  FVSP DIF TVQFSB OFMMB DPOWFOJFO[B BODIF 1PSEFOPOF  􏰊
TVOH F )VBXFJ DJ TJ BTQFUUB EJ QJÞ MB DPODSFUJ[[B[JPOF EFJ QSPUPUJQJ EJ QJFHIFWPMJ ( TWF MBUJ JM NFTF TDPSTP *O DPNNFS DJP TPOP BUUFTJ RVFTUhBOOP JM (B MBYZ 'PME F JM .BUF 9 J QSJNJ iGPMEBCMFw DIF TJ BQSPOP EJWF OFOEP UBCMFU *M DPTUP Ï QSPJCJUJ WPNJMBFVSPFQJÞNBQPS UBOP VOB WFOUBUB EJ GSFTDIF[[B JO VO NFSDBUP TUBHOBOUF
*M  Ï TUBUP QFTBOUF " GSF OBSF MF WFOEJUF IBOOP DPODPS TP jMhBMMVOHBNFOUP EFJ DJDMJ EJ TPTUJUV[JPOF MB TBUVSB[JPOF JO NPMUJ NFSDBUJ MhJODFSUF[[B FDP OPNJDB F MB GSVTUSB[JPOF EFMMB HFOUF QFS JM DPOUJOVP BVNFOUP EFJ QSF[[Jx IBOOP BOOPUBUP HMJ BOBMJTUJ EJ *ED TFDPOEP DVJ jMB EPNBOEB QJÞ HSBOEF GJOP SB TFO[B SJTQPTUB Ï DPTB SJQPSUF SÈ MhJOEVTUSJB B DSFTDFSFx 􏰊
b+@GV+ȇSVȇ+ȇ:+r::+ȇGgS~+GA:+
􏰁­􏰁Às¦􏰀ƃL􏰁s¦ƃÄÊsÊ􏰁 2sƃÄ􏰀ÄÄ􏰀3­􏰁 s¦¦sÀ¬sƃ􏰀¦ƃÄ􏰀­􏰃ssÊ3
 :􏰆ȇÜ􏰇􏰉􏰇ȇ#􏰇Ã􏰇Ø􏰆1⁄4¬ȇ􏰆ȇbج􏰇Üä􏰇ȇØ􏰈©¬ô¬É
     @+:AGǧȇ%B VO MBUP MB DPODPS SFO[B TFNQSF QJÞ BHHVFSSJUB TVM WFSTBOUF EFMMPGGFSUB DIF TB EJ EPWFS GBSF J DPOUJ DPO MB DSFTDFOUF DPOTBQFWPMF[[B EFJ DPOTVNBUPSJ QJÞ JODMJOJ EFM QBTTBUP B WBMVUBSF WBSJF PQ[JP OJ BODIF HSB[JF BM SJDPSTP BJ DPNQBSBUPSJ POMJOF %BMMBM USP JM QSPHSFTTJWP DBMP EFMMB TJ OJTUSPTJUÈ HSB[JF BJ EJTQPTJUJWJ UFDOPMPHJDJ B CPSEP F BMMB NBH HJPSF DVMUVSB EFMMB TJDVSF[[B SJTQFUUP BM QBTTBUP
4UB EJ GBUUP DIF BODIF OFM  TFHOBMB M"OJB MBTTP DJB[JPOF EFMMF JNQSFTF BTTJDV SBUSJDJ JUBMJBOF JM DPTUP EFMMF BTTJDVSB[JPOJ 3D BVUP Ï DBMBUP OFMMB 1FOJTPMB NFUUFOEP B TF HOP JM TFTUP SJCBTTP DPOTFDVUJ WP DIF DPNQMFTTJWBNFOUF IB QPSUBUP J QSF[[J TV MJWFMMJ EJ VO RVBSUP JOGFSJPSJ SJTQFUUP BM  7B QFSØ BODIF EFUUP DIF TPOP MPOUBOJ J SJCBTTJ SFHJ TUSBUJ OFM  F OFM  SJ TQFUUJWBNFOUF  F   OFM DPOGSPOUP B  NFTJ NB BODIF JM EBUP  TV 
   /FM DPSTP EFM  JO GBUUJ MB DPOUSB[JPOF TJ Ï MJNJUB UB BMM JM DIF GB QFOTBSF DIF JM USFOE QPTJUJWP QFS HMJ BVUP NPCJMJTUJ TJ WBEB FTBVSFOEP "O[J TFDPOEP JM $PEBDPOT J QSF[[J TUBOOP SJQSFOEFOEP RVPUB j4F Ï WFSP DIF OFHMJ VM UJNJ BOOJ TJ Ï BTTJTUJUP B VOB
bØ􏰆££¬􏰈ÉȇÜé1⁄41⁄4􏰇ȇV¬ô􏰇ȇ􏰆ȇbج􏰇Üä􏰇ȇØ􏰈©¬ô¬É QSPHSFTTJWB SJEV[JPOF EFMMF UB
SJGGF 3D BVUP Ï BMUSFUUBOUP WF SP DIF OFMMVMUJNP QFSJPEP J QSF[[J EFMMF QPMJ[[F BTTJDVSBUJ WF IBOOP SJQSFTP B TBMJSF SFHJ TUSBOEP SJODBSJ TV UVUUP JM UFSSJ UPSJPx BGGFSNB JO VOB OPUB JM QSFTJEFOUF $BSMP 3JFO[J j*O CBTF BHMJ VMUJNJ EBUJ VGGJDJBMJ EFMM*WBTTx SJDPSEB MBTTPDJB [JPOF EJ DPOTVNBUPSJ jMF UBSJG GF IBOOP SFHJTUSBUP OFM UFS[P USJNFTUSF EFM  VO JODSF
NFOUP EFM
NFTUSBMF VO USFOE DIF QVS USPQQP DPOGFSNB MB UFOEFO[B BM SJBM[P EFMMSD BVUP BWWJBUB HJÈ EBMMB NFUÈ EFMMP TDPSTP BO OP   F DIF QSPTFHVJSÈ OFM DPSTP EFM x
3JFO[J OPO GPSOJTDF JOEJDB [JPOJ VMUFSJPSJ TVMMF BTQFUUBUJ WF QFS J QSPTTJNJ NFTJ BODIF TF WB SJDPSEBUP DIF OFMMF GBTJ EJ SBMMFOUBNFOUP EFM DJDMP FDP OPNJDP o DPNF BQQVOUP MB GB
NFOUSF JM DBNCJBNFOUP TJ GBSÈ WFEFSF TPMP EBM  $IJ WVPM DPNQSBSF VOP TNBSUQIPOF B CSFWF TVHMJ TDBGGBMJ USPWFSÈ EJ TQPTJUJWJ DPO TDIFSNP TFNQSF QJÞ HSBOEF F GPUPDBNFSF TFN QSF QJÞ OVNFSPTF F QFSGPSNBO UJ WBMF QFS UVUUF MF GBTDF EJ QSF[ [P TPQSBUUVUUP OFMMB GBTDJB BM UB 6MUJNP FTFNQJP )VBXFJ DIF MB TDPSTB TFUUJNBOB IB TWF MBUP MP TNBSUQIPOF 1 1SP DPO RVBESVQMB GPUPDBNFSB SJ WPMV[JPOBUB *M UPQ EJ HBNNB )VBXFJ DPNQFUF DPO RVFMMP MBODJBUP EB 4BNTVOH JM (BMB YZ 4 BODIhFTTP DPO GPUPDB NFSF QPUFO[JBUF F VOB TFSJF EJ BMUSF DBSBUUFSJTUJDIF QSFNJVN
* EVF TNBSUQIPOF TPOP QFS PSB RVFMMJ EB CBUUFSF JO BUUFTB DIF "QQMF JO BVUVOOP TWFMJ JM QSPTTJNP J1IPOF .B EB 4BN
bV+Zbǧȇ"MMBSNF EFJ TJOEBDB UJ JO (FOFSBMJ 3FBM &TUBUF 4HS TPDJFUÈ EFM (SVQQP (FOFSBMJ BUUJWB JO EVF BNCJUJ  HFTUJP OF JNNPCJMJBSF F GPOEJ JNNP CJMJBSJ  DPO VO UPUBMF EJ  EJQFOEFOUJ QFS VO UFS[P B 5SJFTUF *M QSPDFTTP EJ TDJTTJP OF JO EVF TPDJFUÈ EJTUJOUF BW WJBUP B GFCCSBJP F EFTUJOBUP B DIJVEFSTJ FOUSP HJVHOP QSF WFEF MB OBTDJUB EJ (FOFSBMJ 3FBM &TUBUF TQB (SF TQB EF TUJOBUB B PDDVQBSTJ EFHMJ JN NPCJMJ F EJ (FOFSBMJ SFBM &TUBUF 4HS (SF THS DIF EP WSÈ HFTUJSF GPOEJ JNNPCJMJBSJ DIJVTJ F SBQQPSUJ DPO HMJ JOWF TUJUPSJ -JUFS QPUSFCCF TGPDJB SFoÏJMUJNPSFjJOVOUBHMJP EFJ MJWFMMJ PDDVQB[JPOBMJx j*M SJTDIJPx o TQJFHBOP 1BUSJ[JB 4VTINFM &SOFTUP (SBO[PUUP F &NBOVFMB /VTEFP TFHSFUB SJP SFHJPOBMF SFHJPOBMF BH HJVOUP F SBQQSFTFOUBOUF OFM MF 3TV UVUUJ EFMMB 6JMDB MB TJ HMB QJÞ SBQQSFTFOUBUB JO (F OFSBMJ 3FBM &TUBUF MBMUSB Ï 'B CJ  jÏ DIF B TDJTTJPOF DPN QMFUBUB QBSUJ EFMMF EVF OVPWF TPDJFUÈ QPTTBOP FTTFSF DFEV UF B UFS[J F MF BUUJWJUÈ TWPMUF BM MPSP JOUFSOP BQQBMUBUFx
-VMUJNP JODPOUSP VGGJDJBMF GSB EFMFHB[JPOF TJOEBDBMF F SBQQSFTFOUBO[B B[JFOEBMF OPO IB TPSUJUP MFGGFUUP TQFSB UPj(MJBEEJ(SFTQBF(SF
THS o EJDF (SBO[PUUP o DJ IBO OP JMMVTUSBUP JM QJBOP JOEV TUSJBMFUSJFOOBMF EBOEPTÓSBT TJDVSB[JPOJ TVMMB DPOUJOVJUÈ EFMMF TPDJFUÈ BMMJOUFSOP EFM (SVQQP NB MJNJUBOEPTJ B BG GFSNB[JPOJ WFSCBMJ DIF MB [JFOEBTJÏSJGJVUBUB NBMHSB EPMFOPTUSFSJDIJFTUF EJSJQPS UBSF OFMMBDDPSEP TJOEBDBMF 1FSDIÌ (FOFSBMJ SJGJVUB EJ SJ QPSUBSF JO VO BDDPSEP TDSJUUP VO JNQFHOP DPTÓ JNQPSUBOUF DPNF RVFMMP EFMMB DPOUJOVJUÈ OFM (SVQQP %BWBOUJ B VOB QSFTB EJ QPTJ[JPOF EJ RVFTUP UJQP OPO QPTTJBNP DIF JQPUJ[ [BSF MB WPMPOUÈ EJ QSPDFEFSF JO GVUVSP BMMBQQBMUP EJ VOB TF SJF EJ DPNQFUFO[F PQFSB[JP OF B RVFM QVOUP QFSGFUUBNFO UF MFHJUUJNB JO BTTFO[B EJ VO BDDPSEP TDSJUUP DIF MB WJFUJx
*MBWPSBUPSJEJ5SJFTUF .JMB OP F 3PNB DJUUÈ JO DVJ Ï BSUJ DPMBUB MPSHBOJ[[B[JPOF EFMMF EVF TPDJFUÈ GJHMJF EFMMB TDJT TJPOF UFNPOP EJ QPUFS FTTF SF DPJOWPMUJ JO GVUVSF DFTTJPOJ EJ SBNJ EB[JFOEB BMMFTUFSOP EFM (SVQQP P JO PQFSB[JPOJ EBQQBMUP DIF QPUSFCCFSP DPNQPSUBSF USBTGFSJNFOUJ PC CMJHBUJ P MJDFO[JBNFOUJ DPO JNNFEJBUF SJBTTVO[JPOJ NB B DPOEJ[JPOJ QFHHJPSBUJWF j.FSDPMFEÓ o DPTÓ (SBO[PUUP o TBSFNP EJ OVPWP B .JMBOP QFS UFOUBSF BODPSB EJ JOTFSJSF OFMMBDDPSEP NBHHJPSJ HBSBO [JF QFS J MBWPSBUPSJx 􏰊
    TV CBTF USJ
   +:ȇrVGȇ@ +@AbGȇA:ȇżźżź
P¬sÀÊ1⁄2􏰄3­􏰁ŗƃ􏰀¦ƃ¬􏰁ÀsÊ3 À􏰁ÄÊsƃÄÊs􏰂­s­Ê􏰁 􏰀­ƃsÊÊ􏰁Äsƃ􏰃􏰁¦¦􏰁ƃ­3Ø􏰀Êx
30." 2 VO BOOP EJ USBOTJ[JP OF RVFTUP QFS JM NFSDBUP EFHMJ TNBSUQIPOF BMMF QSFTF DPO MB TVB QSJNB GSFOBUB EFMMF WFOEJ UF EB RVBOEP Ï OBUP VOB EP[[J OB EhBOOJ GB DPO MhJ1IPOF %B VO MBUP DJ TPOP HMJ BOOVODJ GBUUJ JM NFTF TDPSTP EBM QBMDP EFM .P CJMF 8PSME $POHSFTT MB QJÞ HSBOEF GJFSB EFM TFUUPSF SJDDB EJ QSPUPUJQJ DIF TJ QJFHBOP F WP MBOP TV SFUJ ( EBMMhBMUSP DhÏ MB SFBMUÈ EFJ EJTQPTJUJWJ OFJ OFHP
[J DPO MB DMBTTJDB TDPDDB SFUUBO HPMBSF F TFO[B JM TVQQPSUP BMMF OVPWF SFUJ DFMMVMBSJ DIF DP NVORVF BODPSB OPO FTJTUPOP OFNNFOP OFMMF HSBOEJ DJUUÈ
(MJ BOBMJTUJ QSFWFEPOP VO DB MP EFM NFSDBUP OFM QSJNP TFNF TUSF F VOB MJFWF SJQSFTB OFM TF DPOEP DPO DPOTFHOF HMPCBMJ JODBMPEFMMP BRVPUB  NJMJBSEJ EJ VOJUÈ .B B EPNJOB SF TBSBOOP J UFMFGPOJ WFDDIJP TUBNQP TFQQVS UJSBUJ B MVDJEP
ESTUDIO BMR
Asesoriamento y Servicios Impositivo Asesoriamento y Servicios Contables Asesoriamento Societario Asesoriamento y Servicios Laborales y Provisionales
Tucum an 834 Piso 8°-CP 1049 Ciu- dad Autonoma de B. Aires
Tel. (+54) 11 4322-5594/ 5237-0610 bm r@estudio-bm r.com .ar
   www.estudio bmr.com.ar
























































   4   5   6   7   8