Argentina’s lower house of Congress (House of Representatives) approved the first tax bill requested by the new Executive Branch into law on 28 June, 2024.
The outcome of the parliamentary procedures includes a moratorium tax regime for debts pending up to 31 March 2024 and an amnesty for unreported assets as of 31 December 2023. It also includes reintroducing income tax on salaries with increased allowances, amendments to the personal assets tax with increased allowances, and a reduction path for tax rates until 2027.
Additionally, the thresholds and monthly payments for the Monotributo regime are increased.
The House of Representatives also approved the Law of Bases and Starting Points for the Freedom of Argentines (Ley de Bases y Puntos de Partida para la Libertad de los Argentinos), introducing a new special incentive regime for large investments known as the “RIGI”. This programme offers customs, tax, legal, and foreign exchange benefits for investments surpassing USD 200 million for Argentine and international companies.
The constitutional process of passing the bill started in the Lower House. After the bill received approval, it was reviewed and passed with amendments by the Senate. As the bill had amendments, it was returned to the Lower House to confirm the changes on the previous version with qualified majorities.
