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[POLITICS] · Argentina · 34 sources

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Máximo Kirchner proposes International Capital Transfer Tax

Argentine deputy Máximo Kirchner, representing the Unión por la Patria bloc, has introduced a legislative proposal to create the International Capital Transfer Tax (ITIC). The project aims to levy a 3% general tax on operations involving the effective exit of capital from the country, including currency, negotiable securities, and virtual assets. An additional 2% tax would apply to transfers destined for low or zero-tax jurisdictions, bringing the total rate to 5%.

The proposal estimates a minimum revenue generation of $2.89 trillion. The project outlines a specific distribution plan for these funds: 60% would be allocated to provinces and municipalities for infrastructure, health, education, and housing; 10% for health and disability; 10% for education; 10% for pensions; and 10% for medical care and medications through PAMI.

The tax is designed to exclude local savings, retail foreign purchases, documented imports, and investments where assets remain within Argentina. The initiative has faced criticism from opposition sectors and some within the peronist bloc, with some arguing it could be used for political purposes or might face a presidential veto.

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Argentina · Congreso de la Nación Argentina · Javier Milei · La Cámpora · Máximo Kirchner · PAMI · Union por la Patria

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