BA City advances in Budget bill debate

Budget Committee of the Buenos Aires City Legislature passed a number of economic bills that will be debated next Thursday, the 2012 Budget bill that includes the raise in the ABL property tax among them.

The Committee’s legislators met to pass the bills linked to the Fiscal Code amendment proposals, the tax law for 2012 and the Budget bill for the next year.

The 2012 City Budget bill sets 32.705 billion pesos expenditure, 65 percent of it to be destined to the social sector and 20 percent for the investment in public works, and it will increase 22 percent compared to the 2011 budget.

Meanwhile, the Executive Branch called for the actualization of the ABL property tax because there currently is “a regressive tribute, unequal and unfair.”