Argentina’s President Javier Milei announced on Saturday, 25 May, 2024, his intention to implement a “significant” tax reduction plan if Congress approves the legislation to scale back the state’s intervention in the economy.
Milei proposes a bill to reduce state intervention in the economy by the introduction of an economic reforms package to stimulate investments.
The Latin American nation is facing a prolonged economic crisis due to unprecedented high inflation and years of strict capital controls hindering trade. Amid this, Milei has urged Congress to pass his reform bill.
“The national government will advance a significant reduction in taxes, starting with the country tax, a distorting tax,” he said at an event in Cordoba province.
The President’s reform initiatives include schemes to privatise state entities and provide additional incentives to businesses. Milei had hoped to pass the bill and to sign a pact with regional governors this month, but his efforts have been met with resistance from the Congress.
