(Agencia CMA Latam) - After the approval of a controversial pension reform, the Argentinean ruling coalition pressed ahead the tax reform bill sponsored by the Mauricio Macri administration. The legislation obtained 146 votes in favor, 77 against and 18 abstentions.
Now the bill moves ahead to the Senate, which launched discussions on Wednesday. It is expected to be the first debate attended by the former president and current senator Cristina Kirchner.
According to the government, the reform intends to reduce the tax burden on businesses and creates some new taxes in the next five years.
The bill applies the income tax to part of the severance funds received by workers and cuts taxes that companies must pay for each worker. Also, companies will be able to deduct from their income tax the amount of a financial transaction tax paid to the Argentinean government. Argentina will also apply taxes to the net gains obtained by resident and non-resident investors with fixed-income assets.
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