Weekly Report - 11 October 2007 (INNS 1741-7422)

ARGENTINA | Tax relief. President Néstor Kirchner signed a bill to exempt 300,000 taxpayers from the so-called "wealth tax" - two weeks before the presidential election of 28 October in which his wife, Senator Cristina Fernández, is favourite to win. The government, however, claimed that the proposal, which must still be approved by congress, had "nothing to do with the election". Economic analysts say that the "wealth tax" was indeed unfair, as it affected Argentines with an annual income in excess of Arg$102,300 (US$32,160), which is "worth less than a small flat". Kirchner's proposal increased the rate for taxation to a minimum income of Arg$300,000 (US$94,340) annually. The Argentine congress, in which the government has a comfortable majority, is likely to approve the proposal. In August congress passed a tax reform proposed by the government, which benefited some 800,000 taxpayers.

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