In depth
The draft bill for the Bases Law 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, the Bases Law makes broad reform in the following areas:
- State reform
- Existing contracts and transactional agreements
- Promotion of registered employment
- Labor modernization
- Energy
- Incentive regime for large investments
- Social security
- Fiscal measures for an equitable and quality adjustment
Unlike the bill presented in December 2023, it did not ratify 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.
On the other hand, the Fiscal Package makes tax reforms in the following areas:
- Regularization of tax, customs and social security obligations
- Regularization of assets in Argentina and abroad
- Repeal of the tax on the transfer of real estate of individuals and undivided estates
- Reforms on the single tax regime
- Fiscal transparency regime for consumers
- Other tax measures
Both bills, initially proposed by the Executive Branch, had been approved by the Chamber of Deputies on 29 April 2024 and then, with modifications, by the Senate on 13 June 2024.
With this final approval by the Chamber of Deputies, the bills have been approved and must be enacted and published by the Executive Branch to formally become law. We will keep you informed of any news regarding the enactment and publication.
In the following days, we will share with you our opinions and comments on the most relevant aspects of the Bases Law and the Fiscal Package.
Click here to read the Spanish version.
