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Argentina passed a new tax on the richest people to pay for medical supplies and relief measures amid the ongoing coronavirus pandemic.
Senators approved the one-time tax, dubbed the “millionaire’s tax,” by 42 votes to 26 on Friday.
Those with assets worth more than 200 million pesos ($ 2.5 million; £ 1.8 million), some 12,000 people, will have to pay.
Argentina has registered close to 1.5 million infections and almost 40,000 deaths from coronavirus.
It has been badly affected by the pandemic, becoming the fifth country in the world to report one million confirmed cases in October despite only having a population of approximately 45 million people, making it the smallest nation in that country. time to exceed that figure.
The lockdown measures have further affected an economy struggling with unemployment, high levels of poverty, and huge public debt. Argentina has been in recession since 2018.
One of the authors of the law said that it would only affect about 0.8% of taxpayers. Those affected will pay a progressive rate of up to 3.5% on wealth in Argentina and up to 5.25% on wealth abroad.
The AFP news agency reports that of the money raised, 20% will go to medical supplies, 20% to aid for small and medium-sized businesses, 20% to scholarships for students, 15% to social developments and the remaining 25% to gas companies projects.
Source: BBC
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