BUENOS AIRES, Sept 3 (Bernama-Xinhua) -- Argentina implemented a 10-percentage-point tax cut on imports and freight services starting Monday, bringing the rates back to levels that were in place before the current administration assumed office in December 2023.
The move aims to ease the financial burden on businesses and support economic activity, reported Xinhua.
The measure lowers the so-called Tax for an Inclusive and Solidary Argentina (or PAIS Tax) from 17.5 to 7.5 per cent, with the aim of "contributing to the stabilisation of prices," according to an announcement published in the Government Gazette.
The measure will "reduce the rate of the PAIS Tax for the purchase operations of foreign banknotes and currency carried out by residents in the country to pay ... for importing certain goods and acquiring freight services and other transportation services for foreign trade operations," but it does not apply to the purchase of foreign currency for savings or to travel abroad, said the Gazette.
Argentine Economy Minister Luis Caputo said the measure would have a direct impact on lowering prices.
"People have to see reflected in their finances that this is the right path: lowering inflation, lowering taxes, recovering credit for people and SMEs (small and mid-size enterprises) and eliminating regulations," Caputo said on X, formerly Twitter.
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