New Milei’s plan seeks to free savings and modernize the Argentine financial system

In an attempt to boost the economy and restore citizens’ confidence in the financial system, President Javier Milei presented the "Plan de Reparación Histórica de los Ahorros de los Argentinos", an ambitious initiative that seeks to eliminate bureaucratic hurdles, reduce excessive controls and allow citizens to freely use their savings.
The plan will be implemented in two stages: the first, via presidential decree, includes measures of immediate application; the second will reach Congress as a bill, with the aim of ensuring its continuity beyond the current administration.

Among the most relevant provisions is the elimination of numerous informative regimes that obliged citizens and companies to report in detail personal consumption, real estate transactions, vehicle purchases, payment of expenses and consumption of public services, among others. The minimum amounts above which financial transactions must be reported to the tax authorities were also significantly increased.

In addition, a new simplified income tax regime was introduced, which will focus exclusively on invoicing and deductible expenses, leaving aside the monitoring of personal wealth and consumption. From 2026, taxpayers will receive an automatic proposal with the amount to be paid, which they will be able to accept or modify.

Complementing these reforms, the Central Bank announced the creation of an Open Finance System (SFA), a digital tool that will allow citizens to visualize their finances in a unified way, access financial products more easily and decide with whom they share their information. This is expected to foster competition, reduce costs and promote greater bankarization.

The market reacted positively to the announcement, with stock market rises and optimism on the part of analysts who believe that these reforms could strengthen the country’s reserves and facilitate access to credit. However, they recognize that the main challenge will be to change Argentina’s economic culture, historically centered on the dollar as a safe haven of value.
With inflation slowing down and a more stable financial climate, the Government is also preparing for the October legislative elections, in a scenario where economic reactivation and tax simplification could become its main presentation cards.