Argentina to Eliminate Industrial Export Taxes, Says Economy Minister

Argentina’s Economy Minister, Luis “Toto” Caputo, announced that the country will eliminate taxes that currently restrict industrial exports. In a post on social media platform X this Wednesday (April 30), Caputo stated that 4,411 products — representing 88% of Argentina’s manufactured goods — will no longer be subject to withholding export taxes, which currently range between 3% and 4.5% depending on the product.

“Export taxes on industrial products will be eliminated. The National Government will remove export duties on 88% of industrial products. From now on, 4,411 items will no longer pay export taxes between 3% and 4.5%…” — @LuisCaputoAR.

Caputo indicated that the change decree will be published in Argentina’s Official Gazette in the coming days.

“The National Government will eliminate export taxes on manufactured goods, which will enhance the competitiveness of local industry and boost exports. The measure will initially benefit 3,580 companies,” he wrote.

According to the minister, in 2024, exports of these goods totaled USD 3.804 billion, including items such as agricultural machinery, auto parts, pharmaceuticals, and cosmetics. Caputo attributed the tax cut to the “reorganization of public finances” led by President Javier Milei’s administration.

Since taking office at the end of 2023, the libertarian president has pursued a strict austerity agenda to reduce Argentina’s fiscal deficit and curb inflation.

“These export taxes have hurt the competitiveness of Argentine companies abroad and discouraged them from exporting. With this measure, the industrial sector will be virtually exempt from these duties — except for a few key basic input sectors such as steel, aluminum, petrochemicals, and the automotive industry,” Caputo concluded.

Source: MSN

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