BUENOS AIRES, June 7 — Argentina’s president vowed Monday to pursue a special tax on company profits boosted by the war in Ukraine, a phenomenon he described as an "immorality” given the inflationary pressure on poor households.

While millions were feeling the pain of rising food prices, the war also "benefits the few... who are gaining a lot,” Alberto Fernandez said in an address.

"This is an immorality, an indecency, which as the State we cannot allow,” he said, repeating his plan for a once-off special tax in 2022 on some companies with taxable profits of more than a billion pesos (some RM35 million.) Argentina has a poverty rate of about 37 per cent, and a projected inflation rate of 60 per cent for 2022.

Fernandez did not say which sectors would be targeted for the tax, but cited the rise in wheat, sunflower and maize prices in recent months — all products of which Argentina is a major exporter, along with beef.

The centre-left president, with Economy Minister Martin Guzman by his side, urged lawmakers to support the initiative when a bill is presented in coming weeks.

The governing party, however, does not have a majority in Congress.

Last month, the British government announced a temporary windfall tax on oil giants benefiting massively from surging crude prices. — AFP