In a bold move, Argentine President Javier Milei has announced a comprehensive tax reform plan aimed at eliminating 90% of taxes. This sweeping overhaul is designed to stimulate economic growth, attract foreign investment, and simplify the country’s complex tax system.
Key Features of the Tax Reform Plan
The reform plan includes several key features, such as:
– Reducing the wealth tax by increasing the non-taxable minimum and exempting residential properties up to a certain value.
– Simplifying tax laws by reducing the number of taxes from 15 to 5.
– Lowering tax rates, including a 25% reduction in income tax rates for certain investments.
– Eliminating unnecessary positions within the tax collection agency, AFIP, and replacing it with a new agency called ARCA.
Impact of the Tax Reform Plan
The tax reform plan is part of President Milei’s efforts to address Argentina’s economic challenges, including high inflation and a large fiscal deficit. While the reforms have been met with some criticism, they are seen as a crucial step towards revitalizing the country’s economy.
Overall, President Milei’s tax reform plan is a bold attempt to transform Argentina’s economy and make it more attractive to investors.
