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By means of Decree No. 133/2015, the National Government gave legal form to the announced total removal of export taxes (commonly known as “withholdings”) for agricultural and farm products. As of December 17, 2015, export taxes for all agricultural and farm products have been reduced to 0%, with the exception of certain products, such as: (i) soybeans, which are now taxed at 30% (previously 35%); (ii) soy flour and soy oil, which are now taxed at 27%, (iii) hides and skins from different livestock species, which are now taxed at between 5% and 10%; (iv) natural debarked cork, which is now taxed at 5%; (vi) paper or cardboard, which are now taxed at 20%; and (vii) wool, which is now taxed at 5%. Together with the unification of the foreign exchange market and the resulting currency devaluation of the Argentine Peso, it is expected that the removal of export taxes will lead to a boom in agricultural and farm exports, which were stifled as a consequence of the tax and foreign exchange policies of the former government. For additional information please contact Esteban Rópolo, Rufino Becca Varela, or Francisco Solá of our Buenos Aires office. |
