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By means of Decree No. 160/2015 (18 Dec. 2015), the National Government gave legal form to the announced total removal of export taxes (commonly known as “withholdings”) for mineral and manufactured products. As of December 21, 2015, export taxes for all mineral and manufactured products have been reduced to 0%, with the exception of: (i) biodiesel, taxed at 32%; and (ii) iron and steel scrap materials which are 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 exports, which were stifled as a consequence of the tax and foreign exchange policies of the former government. For additional information, please contact Adolfo Durañona, Esteban Rópolo or Rufino Beccar Varela.
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