The Argentine Minister of Finance, José Luis Machinea, announced on October 23, 2000, that he and his team were drafting a tax bill aimed at reducing the impact of distortive taxes that affect the capital investment in Argentina. The tax bill was sent to Congress for debate on October 26, 2000 and it was approved unanimously by the House of Representatives on November 1, 2000. Now, it must be discussed on the Senate's floor before it is passed as law. In general, the Argentine businessmen welcomed the initiative, although they push for more reductions. The government's move is intended at reactivating the Argentine economy, which suffers its toughest recession in decades. The tax breaks to be granted relate to the tax on interest, the minimum presumed income tax, the value-added tax and the personal assets tax.
