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  4. Argentina proposes 'extraordinary income' tax amid grains windfalls
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Argentina proposes 'extraordinary income' tax amid grains windfalls

BUENOS AIRES (Reuters) - Argentina's government proposed a bill Monday to tax companies that earn "extraordinary income" from the war in Ukraine, a measure that would particularly...
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Argentina proposes 'extraordinary income' tax amid grains windfalls © Reuters. FILE PHOTO: Corn plants are pictured in a farm near Zarate, in the outskirts of Buenos Aires, Argentina April 23, 2022. REUTERS/Agustin Marcarian

BUENOS AIRES (Reuters) - Argentina's government proposed a bill Monday to tax companies that earn "extraordinary income" from the war in Ukraine, a measure that would particularly affect the country's grains industry. 

The measure is seen as an attempt by Argentina's center-left government to reduce the fiscal deficit and help Latin America's third-largest economy deal with galloping inflation, which is on track to exceed 70% this year.

The bill aims to levy an additional 15% tax on companies with profits of over 1 billion pesos (about $8.3 million) in 2022 whose profit margin is either more than 10% in real terms or is 20% higher than in 2021.

Analysts say sectors like food, energy and agriculture would be most affected, given that Argentina is one of the largest suppliers of grains and meat in the world.

The proposal will have to be approved by Congress, where it will need the support of an opposition that has already voiced its rejection.

The bill is endorsed by the International Monetary Fund (IMF), with whom Argentina recently restructured a $44 billion debt.

"There are sectors that have benefited from the war due to the rise in commodities," said Economy Minister Martin Guzman when presenting the bill to Congress alongside President Alberto Fernandez.

(Exchange rate: 1 dollar = 121.11 pesos)

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01-05-2024 10:45:17 (UTC+7)

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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