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President of Argentina Javier Miley said that in 2025 he will reduce taxes by 90%, that it would return fiscal autonomy to the provinces to attract investment and that it would move forward “in the process of closing the Central Bank.”

In a 40-minute address to the nation on the occasion of his first anniversary in government, he said: “My team is currently completing structural tax reform that will reduce the amount of national taxes by 90% and “This will give the provinces back the fiscal autonomy they should never have lost.”

He added that “next year we will see real tax competition between provinces Argentina to see who will attract the most investment.”

“The economy has entered a cyclical restoration that takes us out of the hole they left us in.” indicated the ultra-liberal president, emphasizing that this recovery is based on two factors: “the recomposition of wages and pensions, as well as the recomposition of company shares.”

He added that this is a temporary part “that explains the brutal growth of the economy in the last quarter” as The structural part is “savings made,” which amounted to 15 points of GDP.

These savings, according to Miley, are what were “wasted” and “It has been returned to the private sector, which will generate investment and consumption.”

The President insisted that “reducing country risk and therefore interest rates reduces the cost of capital and therefore “This will lead to a direct increase in investment.”

To these factors he added: “A third is being added – reducing the overall tax burden, either by eliminating the inflation tax or by cutting the explicit taxes we face next year.”

Miley promised then reduce taxes by 90% and carry out tax reform, which will be added to other pension reforms, labor reforms, national security reforms and even political reform.

The Argentine President also nominated “bringing the parallel exchange rate closer to the official exchange rate” which has been going on for several months now.

“This brings us closer every day to the final exit from the exchange rate. (the restrictions of the Argentine foreign exchange market), a deviation that should never have happened and that will end for us next year and forever,” he said.

The far-right leader explained that in order to put an end to the “traps” and “provide a final solution to the problem of shares of the Central Bank” will resort to a “new program with the Monetary Fund (International) and/or by agreement with private investors.”

However, Miley made it clear that “In the process of closing the Central Bank, progress will be achieved,” as he promised many times, because in his opinion it would “end inflation in Argentina forever.”

He also said that from 2025 “All Argentines will be able to use the currency they want in their daily transactions. (…). This means that from now on every Argentine will be able to buy, sell and invoice in dollars or whatever currency they choose, with the exception of paying taxes, which for now will continue to be done in pesos.

Javier Miley addressed the nation with a speech that was broadcast on all free-to-air channels. surrounded by all his ministers and with his sister Karinathe Secretary General of the Presidium, next to him.

(EFE)