From Buenos Aires Times · Ignacio Olivera Doll, Bloomberg · · 1m 20s
Milei retreats on bank account freezes
Milei pauses bank account freezes after small businesses face tax enforcement chaos.
In brief
Milei pauses bank account freezes after small businesses face tax enforcement chaos. Argentina's president eased bank account freezes for small businesses after they caused widespread business closures and voter backlash. Originally reported by Buenos Aires Times.
Tax enforcement crisis
Aggressive tax enforcement tactics have caused small businesses to face bank account freezes and asset seizures.
Account freezes surge
Bank account freezes jumped 52 percent this year through August, totaling 135,744 instances.
Vanesa Camiscia's story
Vanesa Camiscia, a wholesale produce vendor, had her company's bank account frozen after missing tax payments.
“I remember Milei telling us to get ready because we were going to make a fortune”
Economy minister's move
Economy Minister Luis Caputo announced ARCA would suspend bank account freezes for small businesses until May.
Business impact
15 percent of small businesses faced asset seizures or account freezes by ARCA over unpaid obligations.
Economic consequences
Argentina's economy expanded just 1.5 percent this year, below Milei's promised five percent growth.
Business owner struggles
Martín Blust's music string business saw sales drop 40 percent since Milei took office.
Tax burden impact
Payroll taxes and social security now take up to 30 percent of revenue, double the pre-Milei rate.
Voter backlash
Small businesses are reconsidering support for Milei ahead of next year's presidential election.
At a glance
Argentina's president eased bank account freezes for small businesses after they caused widespread business closures and voter backlash.
