Argentina has passed a new tax on the wealthiest citizens to pay for medical supplies and relief measures in response to the ongoing coronavirus pandemic.
The tax which is termed as "millionaire's tax" is a one-off levy that senators passed on Friday by 42 votes to 26.
Around 12,000 people with assets worth more than 200 million pesos ($2.5m; £1.8m) will be obliged to pay the tax.
According to one of the authorsof the law, the tax would only affect about 0.8% of taxpayers.
Those affected will pay a progressive rate of up to 3.5% on wealth in Argentina and up to 5.25% on that outside the country.
The country has recorded nearly 1.5 million infections and around 40,000 fatalities from the Covid-19 pandemic.
Despite only having a population of about 45 million people, Argentina was the fifth country globally to report one million confirmed cases in October, making it one of hardest hit countries.
Argentina has been in recession since 2018 and the economy has plummeted further due to the pandemic as lockdown measures have worsened unemployment rate, high poverty levels, and massive government debt.
AFP news agency reports that from the cumulative tax collected, 20% will be for medical supplies, 20% for relief for small and medium-sized businesses, 20% for scholarships for students, 15% for social developments and the remaining 25% for natural gas ventures.
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