On 16 November 2020, Argentina's Chamber of Deputies (lower house of Congress) approved a draft law for the introduction of a one-off wealth tax, which is now pending approval in the Senate. The tax would be levied at progressive rates of 2.0% to 3.5% on assets held in Argentina and at rates of 3.0% to 5.25% for assets held abroad by Argentine residents. If approves, the one-off wealth tax would be levied in addition to the existing personal assets tax.