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Argentina

Argentina suspends bank account freezes for small businesses after backlash

The reversal of aggressive tax enforcement signals the government is responding to small-business anger ahead of next year's presidential election.

Photo: Buenos Aires Times

What happened

Economy Minister Luis Caputo announced on Tuesday that ARCA would suspend bank-account freezes for small businesses until at least May. Blue Dollar+1 The government also agreed to extend tax repayment plans. Blue Dollar+1

Around it

Aggressive enforcement tactics have fuelled anger among shopkeepers and small-business owners, including many who voted for President Javier Milei hoping he would lower taxes. Blue Dollar+1 Measures including bank-account freezes, liens and restrictions on asset sales rose 52 percent through August compared with a year earlier, totaling about 135,744 instances. Blue Dollar+1 Some supporters are now reconsidering their backing ahead of next year's presidential election. Blue Dollar+1

Sources

  1. Blue DollarMilei backtracks on bank account freezes that harmed businesses
  2. Buenos Aires TimesMilei retreats on bank account freezes that crushed businesses

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