BA province Legislature passes 2012 Budget law

The Buenos Aires province Legislature passed the 2012 Budget law, which foresees expenses of 113 billion pesos and a need of financing of 6.6 billion and a 46 percent increase in the urban property tax. It also approved the Fiscal Law.

The initiative also foresees a 27 percent increase in the rural property tax and a 27 percent increase in the gross income tax for casinos.

The Budget and Fiscal Law were easily approved by an accord reached by Kirchnerism with GEN and Radical Party lawmakers, in exchange of a special 240 million pesos fund destined to municipalities.

The Kirchnerite bloc made use of its majority in the Legislature and easily approved both laws, which are crucial for reelected Governor Daniel Scioli’s administration.

Per the initiative, the resources of municipalities will be allotted in a 50 percent based on unmet basic needs level and the other 50 percent and the other by means of the Sole Distribution Coefficient.