ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
On 22 November 2018, the Ministry of Production and Labour of Argentina has announced a package of benefits for the textile, footwear and leather goods industries to reduce the tax burden, improve financing conditions and encourage consumption.
Of particular interest is the advancement of the Non-Taxable Minimum (NMI) that has been increased from ARS 2,400 (USD 65.91) to ARS 12,000 (USD 329.55). In addition, in 2019, this amount will be adjusted according to inflation and it is expected to reach ARS 17,500 (USD 480.59).
This change is expected to benefit 126,000 workers.
The package of benefits also includes provisions to improve financing conditions of the textile, footwear and leather goods industries. In this sense, the government has announced the allocation of ARS 22,000 million (over USD 604 million at the time of the announcement) for a new line of discount of checks for working capital for SMEs (please, see related state acts).
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