Shortly before Christmas, the Argentine Senate approved the extension of the economic emergency law during 2008, along with the financial transactions tax, to raise revenue of 18bn pesos.
The financial transactions tax was originally introduced in 2001, and applies
to all credits to and debits from bank accounts held at Argentine
financial institutions, as well as certain cash payments, currently at the rate
of 0.6%. In the past it has been applied at 0.8% and 1.0%. Argentine financial
institutions are required to withhold the tax from both parties to a transaction;
but in the case of international transactions, only the Argentine party is subject
to the tax.
One third of the transaction tax is allowed to be credited against income tax liability, or the alternative minimum tax.
A similar tax in neighbouring Brazil was struck down by the legislature earlier
in December.
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