Argentina wants to finance the CoV aid for small businesses and the socially disadvantaged with a special tax for the rich. The Senate in the capital Buenos Aires decided yesterday (local time) a special levy for the 12,000 richest people in the country. The government of President Alberto Fernandez hopes to raise 300 billion pesos (around three billion euros) with the measure.
42 senators voted for the special tax, 26 against. The South American country’s Chamber of Deputies had already passed the law.
For medical care and economic aid
The one-off tax, known as the “millionaires tax” in Argentina, affects Argentines with assets of more than 200 million pesos (around two million euros). According to the law that has now been passed, the rich have to pay a tax of up to 3.5 percent on their wealth at home and up to 5.25 percent on their wealth abroad.
The government says it plans to provide 20 percent of the revenue for medical care in the country. The rest will go to companies, scholarships for students and social development measures.
The country with 44 million inhabitants is severely affected by the pandemic. According to the Baltimore-based Johns Hopkins University, more than 1.4 million infections have been registered since the beginning of the pandemic, and around 39,500 people have died in connection with Covid-19 disease.
