Máximo Kirchner proposes 3% tax on foreign capital transfers

Argentine National Deputy Máximo Kirchner has proposed the creation of the International Capital Transfer Tax (ITIC), a 3% levy on capital transfers to foreign countries that lack productive compensation. The initiative, presented to the Chamber of Deputies, is estimated to generate a minimum of US$1.9 billion.

Kirchner stated that the tax is intended to target speculative outflows of currency rather than daily transactions or productive activities. He noted that Brazil employs a similar tax with a 3.5% rate. The legislator emphasized that the measure would affect a small group of taxpayers rather than the general population.

The proposed distribution of funds allocates 60% to provinces and municipalities to support infrastructure, health, education, and housing. The remaining funds are earmarked for specific sectors: 10% for health and disability, 10% for education, 10% for pensions and retirements, and 10% for medicines and PAMI services.