It was announced on Friday that a capital gains tax exemption for mutual funds and financial trusts in Argentina had been rescinded, with immediate effect.
According to a Reuters report on the tax change, which contributed to a fall in the Merval stock index of 1.86% to 1,884.06 on Friday, the government announced in the official gazette that:
"To avoid economic and financial distortions that affect the resources needed to finance public outlays...it becomes necessary ...to limit the reach of said tax benefit."
The effect that the removal of the exemption will have on government revenues is not yet known.
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