(May 7th, Buenos Aires Chinese Press, Huang Dong) On Wednesday, the Argentine government released Decree No. 305 through an official announcement, officially canceling export taxes on more than 4,000 industrial products, including chemical, pharmaceutical, textile, and agricultural machinery sectors.
Argentine Economy Minister Caputo recently stated that "this will benefit 3,580 companies, accounting for nearly 40% of Argentina's exporting enterprises," and "the pre-withholding tax affects the competitiveness of Argentine enterprises in overseas markets and hinders exports."
In this situation, the Argentine government stipulated that the pre-withholding tax for 4,411 industrial products was reduced to zero. Prior to this, the aforementioned products needed to pay export taxes at 3% to 4.5% of their commodity value.
According to the decree, the cancellation of export taxes on 88% of industrial products is aimed at "increasing sales in foreign markets, promoting domestic industries and their exports, enhancing product added value, and creating jobs."
Last January, the Milei administration temporarily (until the end of June this year) reduced agricultural withholding taxes and canceled export taxes for regionally needed products. During this period, the soybean tariff dropped from 33% to 26%, and the wheat tariff dropped from 12% to 9.5%.
In March, the Argentine government also reduced import tariffs on textiles, including clothing and footwear tariffs dropping from 35% to 20%, fabrics from 26% to 18%, and yarns from 18% to 12%.
In October 2024, the Argentine Ministry of Economy also reduced import tariffs on 89 products, including tires, motorcycles, small household appliances, coffee, etc.
Original Source: https://www.toutiao.com/article/7501974832393781772/
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