The president of the Latin American Banking Federation (Feleban), Oscar Rivera says that it would be “a mortal sin” to tax the interest on savings, as it is absurd to penalize savers. This view is echoed by the Commercial Banks Association (ABA) web page that says that any income would be insignificant in relation to the cost of setting it up. They also say that a 10% tax on interest payments would strengthen the informal market and savers would convert their pesos to dollars.
According to banking expert Edgar Barnichta Geara, the initial 10% tax level is too high and if savings were to be taxed the starting point should be more in the region of 5%.
He went on to say that if it were imposed it would lead to discrimination and unfair competition for the commercial banks, as people would move their savings into the Central Bank.
www.diariolibre.com/economia/2012/10/11/i355216_banqueros-contrarios-penalizacion-ahorros.html