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Covid-19: Argentina imposes tax on rich to offset pandemic costs

Jan 30, 2021 15:52 IST

A one-time tax has been imposed by the Argentinian govt on the country's richest people to help pay for medical supplies and relief for businesses struggling due to Covid-19.
Those with assets of more than 200 million pesos that is about $2.3million will have to pay about 3% on assets declared within the country and over 5% on assets held abroad. The tax will apply to around 12,000 people.
The Argentinian government hopes to raise around $3bn. The money will also help fund scholarships and social aid. The country's Opposition however has criticised the tax as 'confiscatory'.

Covid-19