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Government confirms that the PAÍS Tax will expire at the end of the year

A draft of the 2025 Budget that the Government sent to Congress was released on Wednesday. It confirms that the Country Tax will expire at the end of 2024, after the Minister of Economy, Luis Caputo, announced last week a reduction of this tax by 10 percentage points.

He Government He sent this Wednesday a draft of the 2025 Budget to Congress, in which it confirms that at the end of the year the validity of the COUNTRY TAX, the tax paid on certain transactions in foreign currency. It happened after the Minister of Economy, Luis Caputo, announced last week a reduction of this tax by 10 percentage points, to be implemented between August and September.

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Within the framework of the point 5 of the text, denominated “Financing of the National Budget”, The text highlights that “lthe collection of national taxes and contributions to social security in 2025 It is estimated that it will increase by 54.4% compared to the collection projected for the year 2024, reducing 0.45 pp of GDP compared to the previous year.”

And continues: “The tax burden would go from 21.61% of GDP in 2024 to 21.16% in 2025. This change in the total tax burden responds to the net effect of modifications in the macroeconomic context and tax policy and administration measures, highlighting the lower collection as a consequence of the end of the validity of the PAIS tax.”

The draft highlights the Milei administration’s decision to maintain the zero deficit and highlights the lower inflation in the first half of the year. As key data, it is expected that The dollar will end the year at $1,016 and inflation will reach a cumulative 139.7%. The GDP is projected to fall by 3.5%.

Caputo had confirmed last Friday that the Government was still planning to eliminate the PAIS Tax. “We always said it was a temporary tax,” the official assured. “We are going to lower the COUNTRY tax, as we said from day one,” said the head of the Treasury Palace at the press conference he gave with the head of the Central Bank (BCRA), Santiago Bausiliin the Ministry.

Currently, the country tax The tax on the official dollar is 17.5% for imports of goods from abroadand 30% on purchases of foreign currency or payments in dollars with cards and of the 25% for the acquisition of certain services abroad or provided by non-residents from July 2023.

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