ARGENTINA - Argentina's March tax collection increased by 23% year-on-year largely due to pension contributions, data from the country's Federal Tax Agency (AFIP) reveals.
AFIP's data show also value added taxes contributed to the increase with 16%.
It also shows the results are in countertendency with the rest of Latin America, except Brazil, where tax collection measured at the end of 2008 decreased.
Last November, Argentina's Senate approved president Cristina Fernandez de Kirchner's highly controversial plan to nationalise about US$24bn in private pensions (www.globalpensions.com: 21/11/08 ).
The funds were transferred to the state-run social security agency, known as Anses, which would be in charge of administrating them. The bill was approved by the lower house of Congress on 7 November.
At the time, opposition leaders said the planned takeover was a cash grab, and that the state-run social security agency could not be trusted to manage the funds responsibly.
A senator from the Radical Civic Union said nationalisation paved the way for the government to use the funds to pay debt and increase public spending.
Here are key takeaways from our 2019 Asset Allocation Outlook on how we are positioning asset allocation portfolios in light of our outlook for the global economy and markets.
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