Argentina to gradually eliminate taxes on some industrial exports

Argentina will gradually lower its ​export taxes for certain industrial ‌sectors to zero in the 12 months starting this July, the economy ministry ​said on Friday (May 22).

Taxes on ​automotive, petrochemical, chemical, rubber and ⁠machinery exports, now at ​4.5%, will be reduced by ​0.375 percentage points each month, the ministry said.

Economy Minister Luis Caputo also ​announced gradual tax reductions ​of major agricultural exports on Friday.

Last year, Argentine ‌automobiles ⁠made up just over 10% of all exports at $8.78 billion, down 2.5% from the ​year before, ​according ⁠to the country’s official statistics agency.

The combined ​oil and petrochemical sectors ​meanwhile ⁠exported $11.77 billion worth of products, representing 13.5% of exports and ⁠surging ​12.8% from a ​year earlier.

Source: Reuters

Sharing is caring!