Tax cuts for Argentine textile, clothing and footwea - leatherbiz: Lea Leatherbiz

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Tax cuts for Argentine textile, clothing and footwear manufacturers

14/05/2001

As part of a new support programme for traditional industries, the Argentine government has implemented a series of tax cuts for the textile, clothing and footwear sectors.

Under the new measures, businesses are now exempt from asset-based tax on presumed minimum earnings and also tax on corporate interest payments and certain provincial taxes.

In addition, social security contributions by employers can be written off as a VAT credit.

According to Economy Minister Domingo Cavallo, the new measures will be accompanied by greater government protection against imports from non-WTO nations. There will also be a crackdown on the smuggling of goods. All measures will last until 2003.



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