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June 28, 2024

Argentine Congress approves bills that include major tax measures

The House of Representatives gave final approval on 27 June 2024 to the Law of Bases and Starting Points for the Argentine's Freedom ("Ley de Bases y Puntos de Partida para la Libertad de los Argentinos") and to the Fiscal Package Law ("Ley de Medidas Fiscales Paliativas y Relevantes").

Prior versions of both bills had already been approved by the House of Representatives, but the Senate subsequently introduced certain changes and the amended bills had to return to the Lower House for final approval.

The final text of the "Ley Bases" grants the President legislative powers over administrative, economic, financial and energy-related issues for one year, as well as the ability to close or restructure certain public organizations. It also establishes a special incentive regime for large investments ("RIGI" in Spanish).

Under the Fiscal Package Law, the regularization regime for tax, customs and social security obligations and the Assets Regularization Regime were approved according to the modifications introduced by the Senate, while the House of Representatives successfully reinstated and approved Individual Income Tax changes and reduced rates for the Tax on Personal Assets that had been rejected by the Senate.

As a next step, this law will have to be signed by the Argentine President and published in the Argentine Official Gazzette to be enacted.

A detailed Tax Alert highlighting each of the relevant tax topics will be issued as soon as the final text of the law is published.

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Contact Information

For additional information concerning this Alert, please contact:

Pistrelli, Henry Martin & Asociados S.R.L., Buenos Aires

Ernst & Young LLP (United States), Latin American Business Center, New York

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor