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Capitanich announces 50% tax on luxury goods and different rates for utility services

Saturday, November 23rd 2013 - 06:40 UTC
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The cabinet chief also anticipated he will attend Congress to brief lawmakers  (Pic DyN) The cabinet chief also anticipated he will attend Congress to brief lawmakers (Pic DyN)

Argentine Cabinet Chief Jorge Capitanich announced on Friday the government sent a bill to Congress raising taxes on luxury goods such as premium model cars, recreation boats, motorbikes and aircraft, and underlined that ”those who want to buy luxury goods will have to pay more,” he warned.

 In his second contact with the press at the Government House, Capitanich referred to utility prices and assured people with high incomes will pay the full price unlike low income users who will have a subsidized cost.

”Subsidies seek to make companies have profitable in the productive chain and to project the purchasing power of consumers and users,” he added.

Capitanich talked about the price agreements (to help combat inflation) saying the government will encourage them and warned that despite the resignation of Guillermo Moreno, “nobody should think this means a free for all to increase prices”.

“We are going to work to protect the purchasing power of salaries and the interests of workers and consumers”, said Capitanich.

Furthermore, he told reporters he attended a meeting on Thursday at the Olivos presidential residence held by President Cristina Fernandez, Economy Minister Axel Kicillof, outgoing minister and current head of the Debt Restructuring Unit Hernán Lorenzino, and the presidency’s Secretary-General Carlos Zannini, in order to establish goals.

The cabinet chief also announced that as of next Wednesday he will attend the Congress to brief lawmakers every month, alternatively the Lower House and the Senate, “as established by the National Constitution.”

Finally the cabinet chief said that Congress will be called to hold extraordinary sessions on Saturday to approve the nomination of Juan Carlos Fábrega as the new head of the Central bank, and Hernan Lorenzino as ambassador before the European Union, as well as other diplomats and military officers upgrading.

Categories: Economy, Politics, Argentina.

Top Comments

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  • ChrisR

    They really DON'T have a clue, do they?

    Another garbled description of the fabled model in practice.

    More subsidies for the “poor” who TMBOA has made poorer and poorer with her actions in recent years and the rich to be taxed harder.

    The old Labour Party tried that in the good old days of the Unions telling them what to do with the country and calling for strikes without a vote being taken, etc. 95% top rate of tax and all it did was to drive the people with money out of the country.

    Stupid is as stupid does.

    Nov 23rd, 2013 - 10:53 am 0
  • DanyBerger

    @ChrisR

    I do have to agree with you this is a stupid measure that will not benefit low income people and will make upper middle class to move even to the right as they have been before.

    Did you wanted Cpitanich pro market economist?

    You got it don't complain now idiots.

    Moreno come back we miss you.

    Time to buy a Chery made in China
    Ha ha

    Nov 23rd, 2013 - 11:10 am 0
  • redp0ll

    Looks like an excellent recipe for increased corruption in the political classes and others to me.

    Nov 23rd, 2013 - 02:14 pm 0
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