The national government granted a series of tax benefits and made imports more flexible in favor of the automotive industry with the aim of encouraging exports and improving the sector's trade balance.
The main measures announced on Wednesday (31.08.2022/XNUMX/XNUMX) imply the following:
- Reduction to 0% of withholdings on incremental sales abroad of finished vehicles and auto parts.
- In addition, the base period for comparison to determine will be the year 2020 when 137.891 units were exported.
- In this way, until December 31, 2022, they will only pay export duties at the current rates up to the amount of exports invoiced in 2020 (4,5% or 3%) and, once exceeded, they will pay 0% for new exports.
- The extension of this benefit will be included in the 2023 Budget Bill.
- Imports are also being made more flexible. Around 5 pieces arrive in the country from abroad and only around 2.000 will pass through the filter carried out by the Ministry of Industry.
About automotive industryArgentina is among the 30 countries in terms of the number of production units. Official data indicate that in June this sector generated 8.831 new jobs, considering automotive and auto parts manufacturers.
In 2021, this sector grew by 69% with more than 430.000 units manufactured in the country, 38,1% more than in 2019. In July 2022, more than 44 thousand units were manufactured, 37,9% more than in July 2021.
During the first seven months of this year, 27,6% more motor vehicles were produced compared to the same period last year.
In the same period, the percentage of cars registered in the country doubled, from 24,9% in 2019 to 55,3%.
With information from Télam
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