Argentina’s Senate passes ‘millionaire’s tax’.
Argentina’s Senate has approved a wealth tax to help the government fund for current pandemic measures, including purchasing health supplies and offering economic relief to struggling businesses.
The one-time levy, passed late on Friday 04 December 2020 with 42 votes in favour and 26 against, will apply to about 12,000 of the country’s richest citizens.
President Alberto Fernandez has said he hopes the measure – also dubbed a “millionaire’s tax” – would help Argentina raise about $3.7bn amid a years-long economic downturn worsened by the current pandemic.
The law applies a tax of at least 2 percent on people with more than $2.45m in assets.
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