While he formalizes a massive tax that affects consumers and small businesses, Kicillof blamed the president for
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Governor Axel Kicillof, euphoric after his victory in Sunday’s legislative elections in the province of Buenos Aires, sought to distance Peronism from the strong negative reaction of the markets. Far from admitting that investors distrust his administration, he blamed President Javier Milei for the financial turmoil.
"When I'm asked if the financial mess has to do with the outcome of this election, I say: it's all Milei," Kicillof stated, who accused the president of making "rookie financial mistakes, like a show-off." The governor referred to the unwinding of the Lefis and the increase in bank reserve requirements, which he described as "almost communist."
Axel Kicillof, Gobernador de la Provincia de Buenos Aires.
The facts were clear: just one day after the Buenos Aires elections, the dollar soared by $45, Argentine stocks plummeted by up to 24.5%, and the country risk exceeded 1,000 points. However, while he shifted responsibility toward the Casa Rosada, Kicillof himself moved forward with a measure that will directly impact the wallets of Buenos Aires residents: the creation of a new Gross Income Tax collection regime for transactions in virtual wallets.
The ARBA Regulatory Resolution 25/2025 requires Payment Service Providers (PSP) to act as withholding agents, applying rates ranging from 0.01% to 5%, depending on the taxpayer's activity. The measure will take effect on October 1 for those already operating in other jurisdictions and on November 1 for the rest, within the System for the Collection and Control of Credits in Payment Accounts (SIRCUPA).
Galperín ante las medidas de Kicillof.
According to ARBA, the goal is to "equalize" the treatment of digital transactions with traditional banking ones. In practice, however, this is another Kirchnerist tax that discourages innovation, increases the cost of electronic payments, and affects consumers and small businesses. The announcement, made immediately after the election, caused harsh criticism for its political opportunism and the use of the electoral victory as an excuse to move forward with revenue-raising measures.
Meanwhile, Kicillof intensified his criticism of the national government. He asserted that Milei's economic team "has been making egregious mistakes" and accused him of basing policy on "a money desk that only cares about the dollar."
Kicillof celebrated that Fuerza Patria prevailed by more than 13 points over La Libertad Avanza in the province, interpreting the result as an endorsement of his administration. He clarified that he has not yet received calls from the convicted Cristina Kirchner, although he emphasized that they worked together during the campaign and that the former president sent an audio message to the campaign headquarters on election day. He did, however, mention contacts with Jorge Macri and Leandro Zdero, as well as congratulations from other governors via WhatsApp.
