Overview

• The Senate-approved pension mobility law now removes tax exemptions for companies funding SGR risk funds to cover a marginal 0.02% of GDP pension boost.
• Provincial stock exchanges and Mercado Argentino de Valores issued a joint communiqué on July 11 warning the change strikes a core SME financing tool.
• Major banking associations ADEBA, ABE and ABA urged executive and legislative action to reverse the exemption removal, calling the change a serious policy misstep that undermines credit predictability.
• Banco Nación formally petitioned Congress to undo the law, stressing that SGRs have backed over 100,000 small and midsize businesses with $3.8 trillion in productive credit.
• Critics argue the fiscal saving is minimal compared to the SGR system’s role in driving formal lending growth, supporting employment and boosting tax revenues.