Buenos Aires Governor Axel Kicillof has made the decision not to implement the planned increase for the automobile license plate, in light of the ongoing controversy surrounding tax hikes in the Province. In response to growing opposition from residents, Kicillof has partially frozen the inflation update scheduled for the license plate tax, opting instead to maintain installment 2 at its original value when it expires in May.
The move marks a departure from previous plans to adjust property taxes based on inflation rates and global increases. For Urban Real Estate, installment 2 had been readjusted by 20% compared to the cost of living in recent months. However, no decision has been made yet on whether or not to raise fees for future expiration dates as the government continues to evaluate its options.
This news follows an announcement earlier this year that average annual tax increases for 2024 would be a staggering 180.4%. The sudden surge in prices prompted many users to start receiving new installments with significant hikes, such as a $10,840 Ford Fiesta that jumped up to $40,050 in just three months, and a $10,963 VW Fox that skyrocketed up to $41,111.40 in the same period.
