Argentina's tax reform bill advances
The government of President Mauricio Macri continues to push its reform agenda following the strong vote of confidence that the ruling Cambiemos coalition received in the October midterm elections.
Argentina's tax reform bill has moved a step closer to becoming law on Wednesday, when the lower house approved the draft legislation and passed it on to the senate.
Earlier this week lawmakers passed the country's pension reform bill into law amid violent protests and strong opposition – both inside congress and outside on the streets.
The tax reform seeks to attract investment and bolster growth via various measures, including reducing corporate income tax on undistributed earnings. The bill also introduces VAT of 21% on digital services and a new tax on financial capital gains.
The new tax regime will be implemented over five years.
While the bill will not address all issues it will make the system fairer because financial income will be taxed, treasury minister Nicolás Dujovne (pictured) was reported as saying by state news agency Télam.
Insurance website 100% Seguros, citing lawmaker Mario Negri of Cambiemos, said government lawmakers would scrap a proposal to end income tax exemption enjoyed by the country's mutuals and cooperatives, some of which are involved in the insurance sector.
Meanwhile, the Indec stats agency said GDP grew 4.2% year-on-year in Q3, and expanded 0.9% compared to Q2. The government expects the economy to grow 3% this year, after contracting 2.2% in 2016.
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News in: Political Risk & Macro (Argentina)
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