阿根廷：选定问题

ARGENTINA SELECTED ISSUESApproved ByWestern Hemisphere May 11, 2026 Prepared by Luiza Antoun de Almeida, Maksym Ivanyna,Tannous Kass-Hanna, Pablo Tillan, Juan Yépez Albornoz(WHD), Ana Cebreiro, Rosario Lopez Palazzo, Julieth PicoMejía (FAD), and Jean-Marc Fournier, Andres Gonzalez (RES), CONTENTS ARGENTINA'S TAX SYSTEM AND REFORM CONSIDERATIONS ____________________ 2 A.Argentina’s Tax System ______________________________________________________________2B.Tax Reform Considerations___________________________________________________________3C.Reform Implications: The Impact of Reducing Distortive Taxes ______________________5References______________________________________________________________________________7 A.Argentina’s Stabilization: A Comparative Perspective ________________________________8B.Features of Successful Stabilization Episodes ________________________________________9C.Transitioning to a More Robust Monetary Policy Framework ______________________ 10References____________________________________________________________________________ 15 FIGURES 1. Argentina vs. Other EMs: Large and Sustained Disinflation Experiences ____________ 132. Disinflation Dynamics Under Different Monetary Frameworks _____________________ 14 STRENGTHENING ARGENTINA’S EXTERNAL POSITION ___________________________ 16A.A Case for Rotating External Stock Imbalances ____________________________________ 16B.A Case for Organic Reserve Accumulation _________________________________________ 18References____________________________________________________________________________ 21 LABOR MARKET REFORM IMPLICATIONS _________________________________________ 22 A.Background ________________________________________________________________________ 22B.Reform Potential ___________________________________________________________________ 23C.Complementary Reform Considerations ___________________________________________ 25References____________________________________________________________________________ 27FIGURE1. Labor Market Dynamics ____________________________________________________________ 26 ARGENTINA'S TAX SYSTEM AND REFORMCONSIDERATIONS1 This chapter describes Argentina’s tax system and highlights reform options to improve its efficiencyand equity, taking into account fiscal constraints and federalism. It also quantifies the pervasive effects A.Argentina’s Tax System 1.Argentina’s tax system remains complex, highly distortive, and unstable, weighing ongrowth and competitiveness.General government tax revenue is high by regional standards (about 27 percent of GDP in 2025), reflecting a systemcharacterized by high statutory rates, a narrow baseshaped by multiple special regimes, and an excessivenumber of taxes (over 155) that are subject to frequentchanges. The tax mix relies heavily on indirect taxes, aswell as on highly distortive taxes—notably trade,financial transactions, and provincial turnover taxes— framework reduce transparency and increase administrative burdens, weakening effectivecompliance monitoring, as reflected in Argentina’s low VAT and CIT compliance rates relative to the 2.The federal fiscal system has exacerbated distortions and complicated reform efforts. Major taxes—CIT, PIT, wealth, excises, and VAT—are collected federally and shared with provincesthrough a complexcoparticipaciónscheme, while provinces mobilize own revenues through thecascading turnover tax (ingresos brutos), stamp and property taxes, and municipalities tax economicactivities and consumption. In the context of high macroeconomic volatility and spending rigidities, 3.While recent tax adjustments have been generally positive, a more fundamentalreform of the system is still required. Since early 2024, reform efforts have focused on (i) taxes and rationalizing trade taxes, with emphasis on imports;2(iii) reducing the very high statutory tax rate on wealth; and (iv) reducing social security contributions. These measures have reduced taxrevenues by about 2.5 percent of GDP. Meanwhile, and similar to Chile’s past tax promotionalscheme (DL600), a new large investment regime (RIGI) has been introduced to provide tax andregulatory certainty to attract large FDI in the energy, mining, and agro-industrial sectors. That said, B.Tax Reform Considerations 4.A comprehensive tax reform must balance equity and efficiency considerations whilestrengthening the fiscal anchor.Reforms at the federal level (see text table) should focus on (i) 5.reducing tax expenditures incore taxes (VAT, PIT, CIT); (ii)improving PIT efficiency (includingthe regime for autonomous workers, monotributo); (iii) simplifying the CIT;and (iv) strengthening excises. Theyields from these reforms wouldpermit a gradual reduction in trade transfers). At the provincial level, consideration could be given to replacing distortive turnover taxesby a dual VAT in a broadly revenue-neutral manner and increasing the reliance on property taxcollection. Estimated yie