On Thursday, in the ongoing debate on the draft Law on Palliative and Relevant Fiscal Measures presented to Congress by the ruling party, opposition leaders pushed for changes related to updating the Income Tax. They urged the government to cut tax expenditures, eliminate judges’ tax exemptions, modify internal taxes such as tobacco, and question tax benefits in Tierra del Fuego. The proposed tax package includes reforms such as changes to Profits, Monotribute, Personal property, and money laundering regulations, among others.
The bill aims to complement the Base Law and will be debated simultaneously with other initiatives. The ruling party hopes to have both proposals approved in the first days of May before submitting them to the Senate for approval before May 25th, when the May Pact with provinces is expected to be signed. The government is optimistic that inflation will decrease in the coming weeks and has confirmed that the Income Tax update will be annual, adjusted by CPI indexes.
During the debate session, various legislators raised concerns and offered suggestions to government officials. Some proposed quarterly updates rather than annual ones for Income Tax adjustments, while others questioned eliminating tobacco taxes or reducing tax expenses. The proposal includes changes to Personal Property Tax, Money Laundering Asset Regularization Regime (MLARR), Simplified Regime for Small Taxpayers (Monotax), among other reforms. Government officials emphasized that creating a different tax culture where everyone has equal obligations and rights is essential in fiscal terms.
In conclusion, Congress focused on discussing proposed tax reforms that include updates to several taxes and streamlining processes within the system during this debate session. Legislators from different political parties voiced their opinions regarding transparency, fairness, accountability issues within it. The government aims to address these concerns while ensuring that any proposed tax changes benefit society as a whole.
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