Argentina reduces export taxes to stimulate the economy

Last Thursday, October 1, Argentina reported that it will reduce taxes on industrial, mineral, and agricultural product exports in order to encourage exports and generate more foreign exchange for the country. Argentina has been experiencing a recession with high inflation since 2018.

By the end of the year, the Argentine government will reduce taxes on soy and its derivatives from the current 33% to 30% and will reduce tariffs on mineral goods from 12% to 8%.

The reduction for industrial exports will be staggered according to the type of product and will be eliminated for many final goods in an effort to accelerate the inflow of dollars and stabilize the foreign exchange market which has been experiencing turbulence for weeks.

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