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Argentine Senate Gives Approval for Wage Tax Cut Measure

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BUENOS AIRES, April 8 Reuters The Argentine Senate gave final legislative approval to a wage tax cut to benefit more than one million workers hard hit by recession and high inflation, and was expected to be swiftly signed into law by Peronist President Alberto Fernandez.

The lower house approved the governmentbacked tax cut last month. Argentina is trying to end a threeyear recession that has been exacerbated by the coronavirus pandemic and doubledigit inflation that is particularly punishing for the poor.

There were 66 Senate votes in favor, none against and one abstention.

Workers who earn up to 150,000 pesos per month 1,624 will be exempt from paying income tax, under the measure. The change will benefit 1.27 million people, the government says.

The leftleaning Peronist coalition hopes to gain favor with voters ahead of October congressional elections. The new regulation will be retroactive to January 1 of this year.

Reporting by Nicolas Misculin; Writing by Hugh Bronstein; Editing by Muralikumar Anantharaman

Source Reuters

 

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