Argentina: AFIP implements tax modification to boost meat trade

Published 2024년 8월 21일

Tridge summary

The Federal Public Revenue Administration (AFIP) of Argentina has introduced a new tax regime for the cattle and buffalo meat production and marketing chain, replacing the Liniers General Market Index with the General Index of the Agricultural and Livestock Market (IGMAG) to update VAT values. This change is expected to enhance the competitiveness of Argentine meat exports by aligning local prices with global market conditions. The new resolution also streamlines administrative procedures and strengthens oversight, supporting the government's efforts to modernize tax administration and combat tax evasion. The success of this reform hinges on the collaboration between the private sector and tax authorities and the effectiveness of new monitoring tools.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Federal Public Revenue Administration (AFIP) issued General Resolution 5553/2024, which introduces important changes to the tax regimes applicable to the production and marketing chain of cattle and buffalo meat in Argentina. This modification, which came into effect after its publication in the Official Gazette, focuses on updating the values applicable to the regimes of perception, payments on account and withholding of the Value Added Tax (VAT) in said operations, using the General Index of the Agricultural and Livestock Market (IGMAG) as a reference. This adjustment has a direct impact on Argentine meat exports, a sector that has historically been one of the pillars of the country's foreign trade. The implementation of this new index, replacing the Liniers General Market Index (I.G.M.L.), follows the transfer of the historic Liniers market to the new Agricultural and Livestock Market in Cañuelas, marking a structural change in the way operations in this key sector are ...

Source: Infobae