Argentine introduces a reduction in the tax on meat exports
These measures, which had been announced 10 days ago by President Javier Milei at the traditional Palermo Exhibition, came into force, with their publication in the Official Gazette.
According to official information, the fiscal cost of this change in export taxes amounts to US$ 130 million annually, taking 2023 as a reference. Most of this value corresponds to cattle, which are the products that are most exported in volume and value. From being taxed at 9%, now approximately half (cows) will not pay withholdings and the other half will pay 6.75%.
In general terms, the tariff reduction, as well as the simplification of bureaucratic procedures and other deregulations carried out during the current government administration, were well received by the agricultural sector in general and the meat chains in particular, who considered that the path was the right one, although not sufficient.
Within the bovine chain, the most enthusiastic were the producers, who hope that the value of the animals will improve, while there is more caution among the slaughterhouses. The fact is that the exporters are going through a difficult time, due to the difficulties in the external markets, an even weaker internal market and an exchange rate gap that is around 35%, and they see that the enthusiasm of the cattlemen will tend to further strengthen the price of the animals.
Furthermore, it is not clear how the withholdings will be calculated, since the tariff items do not discriminate based on the sex of the animals, so sub-items or some other mechanism would have to be created.
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