The Government Of Tierra Del Fuego In Argentina Cancels Tax And Tariff Preferences For Five Textile Companies

On September 24, Buenos Aires Economic News reported that five textile companies would not be able to enjoy the tax and tariff preferences given by the special system because they failed to comply with the provisions of Decree No. 594/23 (which requires enterprises to perform the obligations specified in Tierra del Fuego Industrial Promotion Sub system, namely certification of origin). The system was extended to December 2028 after its expiration in 2023. According to the regulation, the five companies mentioned above need to return the tax preference obtained from January 1, 2024 to Tierra del Fuego Provincial Government. The official statement said that up to now, the amount of tax concessions and exemptions for the textile industry in Tierra del Fuego Province has reached 20 billion pesos every year, and the five companies affected this time accounted for 80% of the production capacity of the textile industry in Tierra del Fuego Province.

(Source: website of Ministry of Commerce)