Government secures initial approval for Tax Innocence II and BCRA reform

The Chamber of Deputies approved the initial sanction of two key projects: Tax Innocence II and the reform of the Organic Charter of the Central Bank of Argentina (BCRA). The session was conducted with the support of the ruling party and allied blocs, achieving a total of 139 votes in favor, 110 against, and 2 abstentions according to reports from various media outlets.

The agenda of the session included the trade agreement between Mercosur and Singapore, as well as adherence to the patent cooperation treaty (PCT). The call for the meeting was requested by legislators from different parties, indicating that a quorum was assured, as suggested by Clarín.

The Tax Innocence II project aims to expand the number of taxpayers eligible for the regime by eliminating income and asset limits. However, under pressure from allies of the ruling party, officials were excluded from the benefits, as noted by various media, including Infobae.

After intense debates between government and opposition members, both projects were approved with hopes for additional support in the Senate, where they will be sent for final consideration. The exclusion of officials from the provisions of the project was part of prior negotiations, which sparked strong exchanges during the session.

President Javier Milei celebrated the initial approval via his account on X, expressing gratitude for the legislative backing. He highlighted that this approval represents a step towards promoting freedom, reflecting the Government's vision regarding these ongoing reforms, as reported by Infobae.

With the initial approval secured, it is expected that the projects will advance in the Senate, where the ruling party may need to secure additional votes for their conversion into law, bringing renewed focus to the political arena.