The Argentine Congress passed a proposal to restore income tax

On June 28th, Jinshi Data News, the Argentine Congress approved President Milei’s landmark pro-business reform. Earlier on Friday, the proposal to restore income tax was passed by the House of Representatives with 136 votes in favor and 116 votes against, reversing the Senate’s efforts to repeal the measure. The previous government raised the lower limit of taxable income before last year’s presidential election, effectively exempting income tax for almost all salaried employees. The additional tax revenue will provide breathing space for the current government to achieve its fiscal goals and help curb the annual inflation rate of 276%. After six months of tough negotiations, Milei’s reform plan was passed, albeit with significantly reduced intensity, but it sends a business-friendly message to investors that he has political support and can bring Argentina’s struggling economy back on track.