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Congress Passes Overhaul of Argentina's Inefficient Tax System

  • Tax reform bill approved in 52-15 vote, with one abstention
  • Overhaul to help reduce tax burden by 4% of GDP: specialist
The lower house of Congress in Buenos Aires, Argentina.

The lower house of Congress in Buenos Aires, Argentina.

Photographer: Diego Levy/Bloomberg

Argentina’s Congress approved a bill that seeks to reduce inefficient taxes that have dragged on growth in South America’s second-largest economy for decades.

The Senate approved the overhaul of the tax system by 52 votes for, 15 against with 1 abstention. The lower house had already voted in favor of the bill. The Senate also voted 54-14 to approve the 2018 budget in its final session before Congress enters its summer recess.