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Argentine Government Introduces Withholding Tax on Exports

The Argentine Tax Authority (AFIP) introduced legislation under which a Withholding Tax of 0.5% will be charged on all triangular exports.

 
PRLog - Apr. 2, 2014 - SUNNYVALE, Calif. -- The Argentine Tax Authority (AFIP) introduced legislation under which a Withholding Tax of 0.5% will be charged on all triangular exports carried out on or after 7 January 2014. Further, exports to low-tax regions will incur an additional 1.5% withholding tax, reports Nair & Co.’s International Tax Team.

The main objective of this new system is to minimize tax evasion and support a new tax collection system.

The Withholding Tax is only applicable on transactions whereby the country noted on the invoice differs from the destination country. This may occur if there is an intermediary involved in the transaction and the goods pass to that intermediary prior to final delivery.

Under this new system, tax is only applicable on "definitive exports for consumption", certain regimes including but not limited to ‘temporary admission’ are exempted. Note, it is the responsibility of the exporter to withhold tax on goods as they are processed by the local customs authority.

For more information about international expansion services (http://www.nair-co.com/) or to learn more about our global regulatory compliance team please contact us (http://www.nair-co.com/global-offices.aspx).

Subscribe (http://www.nair-co.com/subscribe.aspx) to regular global tax compliance alerts from Nair & Co.

Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

About Nair & Co.


Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk, stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com

Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

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***@nairusa.com

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Source:Nair & Co.
Location:Sunnyvale - California - United States
Industry:Business
Tags:AFIP, doing business in Argentina, Withholding tax in Argentina
Shortcut:prlog.org/12304137
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