Argentina Senate passes Fiscal Amnesty II law with 44-23 vote

The Argentine Senate approved the Fiscal Amnesty II bill on Thursday by a vote of 44 in favor and 23 against, with no abstentions. The ruling La Libertad Avanza bloc secured support from the PRO, the UCR, and provincial blocs to pass the measure.

The law eliminates the previous $10 billion peso asset cap for entering the Simplified Income Tax Regime (RSG) and seeks to incentivize the declaration of an estimated USD 170 billion held outside the formal financial system. It also prohibits public officials and those who held office in the prior five years from accessing the regime's benefits.

“This is the Adorni law, it is for the sister (Karina Milei), for the President; this law is for those who evaded.”

The session was uncertain until the last moment due to absences in both the ruling coalition and the dialoguist opposition. Senate President Patricia Bullrich included a controversial biofuels bill on the agenda to secure votes from northwestern sugar-producing provinces.

Kirchnerist bloc leader José Mayans denounced the law as a "laundering" measure tailored for officials like presidential spokesperson Manuel Adorni and Deputy José Luis Espert. He argued it benefits tax evaders and drug traffickers rather than workers or retirees.

Bullrich defended the legislation as an "intelligent system" to distinguish fraud from minor errors, denying it favors government officials. The session also approved judicial transfers to Buenos Aires City and confirmed two economic criminal court judges.