Argentina: Milei’s amended Base Bill and tax reform package moves forward

06 May 2024    1 minute read

In brief

On 29 April 2024, the Chamber of Deputies approved the bill that the executive branch had sent to Congress as a new draft of the "Bill of Bases and Points of Departure or the Freedom of Argentines" ("Bases Bill"), along with the tax reform package.

Contents

In focus

The draft bill declares a public emergency in administrative, economic, financial and energy matters for a term of one year and delegates various legislative powers to the executive branch.

Specifically, in its 238 articles and an annex, the Bases Bill proposes broad reform in the following areas:

  1. State reform
  2. Existing contracts and transactional agreements
  3. Promotion of registered employment
  4. Labor modernization
  5. Energy
  6. Incentive regime for large investments
  7. Social security
  8. Fiscal measures for an equitable and quality adjustment

Unlike the bill presented in December 2023, it does not include the ratification of the Necessity and Urgency Decree No. 70/2023, "Bases for the Reconstruction of the Argentine Economy," which was already rejected by the Senate and is pending consideration by the Chamber of Deputies.

The Chamber of Deputies also approved a tax reform with the "Palliative and Relevant Tax Measures," on which we will comment separately.

The Senate must now consider both bills. In future installments, we will send our additional comments on the various relevant issues in both bills.

Spanish version

Contact Information
Guillermo Jose Cervio
Partner
Buenos Aires
Read my Bio
guillermo.cervio@bakermckenzie.com

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