Official government announcements or publications from the Ministry of Economy of Argentina

Argentina's Senate Passes Omnibus Law, Key to Milei's Economic Reforms, Including PAIS Tax Reduction

Jun 13, 2024, 02:25 AM

Argentina's Senate has passed the Omnibus Law, a key component of President Javier Milei's economic reform agenda. The law includes significant measures such as state reduction, reorganization, dissolution of trust funds, and multiple privatizations, as outlined in Chapter 2. It also features labor reform and flexibilization, promotion of registered employment in Chapter 4, and a large investment incentive regime in Chapter 7. The law was passed after Vice President Victoria Villarruel broke a 36-36 tie in the Senate. Votes in favor of the chapters were 36, 37, and 38 respectively, while votes against were 35, 33, and 32. Following the approval, President Milei announced a reduction in the PAIS tax from 17.5% to 7.5%.