Argentina's Chamber of Deputies to vote on Milei's economic projects this week

Argentina's ruling party is pushing to secure preliminary approval in the Chamber of Deputies this week for two cornerstone economic projects championed by President Javier Milei. The legislative session, convened for Wednesday at noon, will focus on reforming the Central Bank's organic charter and advancing a revised fiscal responsibility law. These initiatives are central to the government's strategy to strengthen its economic agenda as the country approaches the 2027 elections.

Officials anticipate a "very long" session, as the libertarian coalition seeks to move past a series of congressional challenges. Their recent defeat in the Senate, where their proposal for the inviolability of private property was significantly altered, highlights the opposition's strength. Previously, the government struggled to advance its electoral reform and faced resistance from allied governors on other key proposals, such as cutting gas subsidies for cold regions.

The government has taken note of these challenges. Beyond the two economic bills, the agenda includes international agreements, judicial initiatives, and a series of concessions to allied blocs. This approach aims to guarantee the necessary votes for passage. The session's convocation was signed by a broad coalition of allies, including representatives from Pro, the UCR, and various provincial parties.

The proposed changes to the monetary entity aim to centralize its function on preserving currency value, prohibit unbacked emission, and prevent financing of the Treasury. It also seeks to impose stricter conditions for removing its authorities. Meanwhile, the "Fiscal Innocence II" law modifies the simplified income tax declaration regime, which has been in effect since 2025. This new version intends to expand the number of taxpayers eligible to formalize savings held outside the financial system. Notably, it eliminates previous caps on assets and income, which were set at 10 billion pesos and 1 billion pesos, respectively.

Responding to requests from allied blocs and mindful of recent controversies, the government has included a limitation for public officials. Those who have held high-responsibility positions within the last five years can use the simplified system for their income tax declarations and payments but will not receive the regime's special protections. This means they will be subject to general rules for audits, fines, and sanctions by the tax authority (ARCA), without the presumption that their declared assets are correct.

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very long