On Thursday, during the debate on the proposed draft Law on Palliative and Relevant Fiscal Measures sent to Congress by the ruling party, opposition pressured the Government to make changes related to the update of Income Tax. The opposition emphasized cutting tax expenditures, eliminating exemptions for judges from paying Profits, modifying internal taxes such as tobacco, and questioning tax benefits in Tierra del Fuego. The tax package includes several reforms such as sessions with changes in Profits, Monotribute, Personal property, and money laundering.
The proposal aims to complement the Base Law and will be debated simultaneously with other initiatives. The ruling party is confident that inflation will slow down in the coming weeks and has confirmed that the update of Income Tax will be annual, adjusted by the Consumer Price Index. Various legislators raised concerns and made requests during the debate, including quarterly updates rather than annual ones for Income Tax and questioning elimination of tobacco tax and tax expenses. The project also includes changes to Personal Property Tax, Money Laundering Asset Regularization Regime, updates to Simplified Regime for Small Taxpayers (Monotax), among others.
The Government emphasized creating a different tax culture where everyone has the same obligations and rights in fiscal terms. Legislators from different parties voiced their concerns and suggestions during discussions in Congress, highlighting transparency, fairness, accountability issues in tax system. The Government aims to address these issues and ensure that proposed tax changes benefit country as whole.
In summary, Congress’s discussions focused on proposed tax reforms including updates to several taxes and measures to streamline the tax system. Legislation from different political parties highlighted importance of transparency, fairness accountability issues in tax system while raising concerns about specific aspects of proposed changes.