Millionaire’s tax

Argentina parliament has imposed ‘millionaire tax’ on about 12,000 of the country’s richest people to fund coronavirus countermeasures. Under this scheme, people with declared assets worth more than 200 million pesos will pay a progressive rate of up to 3.5% on wealth in Argentina and up to 5.25% on wealth outside the country. The revenue arising from this tax will be used to finance health, social development, student scholarships and natural gas ventures.