The ruling party presented a tax package to Congress on Thursday, which includes changes to the Income Tax. The opposition pressured the Government to make adjustments, such as cutting tax expenditures and eliminating exemptions for judges from paying Profits. The project also includes modifications to internal taxes like tobacco and questioning tax benefits in Tierra del Fuego.
The proposal aims to complement the Base Law and will be debated simultaneously with other initiatives. The Government hopes to have both approved in the first days of May so they can be submitted to the Senate for sanctioning before the 25th, when the May Pact with provinces is expected to be signed.
During the debate, various legislators raised concerns and made suggestions. Some proposed quarterly updates instead of annual ones for the Income Tax, while others questioned eliminating the tobacco tax and tax expenses. Changes were also made to Personal Property Tax, Money Laundering Asset Regularization Regime and updates were made to Simplified Regime for Small Taxpayers (Monotax).
The Government emphasized the need for transparency, fairness, and accountability in the tax system. They want to create a different tax culture where everyone has equal obligations and rights in fiscal terms. Overall, discussions in Congress focused on proposed tax reforms that aim to streamline the tax system and address issues such as inflation slowing down in coming weeks.
The Government also confirmed that update of Income Tax will be annual adjusted by Consumer Price Index.
In conclusion, Congress debated on Thursday about a proposed tax package that seeks to complement existing legislation with changes related to Income Tax update among other reforms. Legislators from different parties discussed their concerns and suggestions while emphasizing transparency, fairness, and accountability in the tax system.
