Argentina Pushes Bill to Tax ‘Unexpected’ Profits Amid Disputes
- Bill proposes a new 15% tax on certain corporate profits
- Legislation unlikely to pass through fragmented congress
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Argentina President Alberto Fernandez unveiled legislation on Monday to slap a 15% tax on companies’ extraordinary profits, a move seen as appeasing the most radical left-wing members of his divided coalition even at the risk of irritating business.
The bill would apply a levy on the so-called “unexpected profits,” or annual gains above 1 billion pesos ($8.3 million) along with other requirements, as exports in the commodities-producing country boom. The government, which justified the measure given the recent price spike in agriculture products including wheat, didn’t provide details on how many companies would pay the tax.