Wednesday, April 17, 2024

Covid-19 | Argentina collects $ 2.8 billion in private wealth tax

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Maria Gill
Maria Gill
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(BUENOS AIRES) The government said on Monday that the exceptional “solidarity” tax that Argentina imposed on big fortunes to combat the economic consequences of the epidemic, settled by nearly 80% of wealthy families subject to tax, brought in nearly $ 2.8 billion.

France Media

The government of center-left president Alberto Fernandez promoted in early December 2020 that collecting that tax from 12,000 taxpayers resulted in 223 billion pesos (2.76 billion Canadian dollars), according to the AFIP tax agency.

“The resources generated will be essential to deal with the health and economic emergencies arising from the epidemic,” said AFIP Director Mercedes Marco Del Ponte.

3000 millionaires refuse

About 3,000 tax families who had not yet paid their contributions were placed under agency control, and around 200 legal appeals were filed.

Among those who refuse to pay this solidarity tax are some of the country’s most famous emperors or soccer players.

This “solidarity contribution”, which was approved by both houses of parliament last December, imposes a 2% tax on individuals’ assets in excess of 200 million pesos (about two million dollars), to be paid once.

Withdrawals are gradual, until they reach a 3.5% ceiling on assets over 3 billion pesos (approximately $ 30 million).

About 20% of the proceeds from this tax will help the health system, 20% to help small and medium-sized enterprises, 15% social assistance, 20% scholarships for students and 25% for businesses in the natural gas sector.

More than 40% of the 45 million Argentines live below the poverty line, the unemployment rate exceeds 10%, and the country’s economy has been in recession since 2018.

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