Argentina suspends capital gains tax for foreigners
Move could allow country to address the measure in broader reforms expected after legislative elections in October
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Buenos Aires
ARGENTINA on Thursday suspended a tax on foreigners' capital gains, just two days after it had been announced, after market participants complained the surprise move was inconsistent with President Mauricio Macri's pro-market agenda.
In a notice in Argentina's official gazette on Thursday, tax collection agency AFIP said that the 13.5 per cent tax on non-residents' profits in Argentine equity markets - which it had announced on Tuesday - would be suspended for six months. That could allow Argentina to address the measure in broader reforms expected after legislative elections in October.
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