ANNOUNCEMENT 22 Oct 2014In October 2014, the government of Argentina announced a targeted tax change.
NUMBER OF INTERVENTIONS
The Republicano (2014)
"Petroleros multimillonarios argentinos obtienen reducci?n de impuestos en tanto caen precios del crudo". Available from:
Bloomberg (2014) Billionaire Oilmen Win Argentina Tax Cut as Crude Plunges.http://www.bloomberg.com/news/articles/2014-11-25/billionaire-oilmen-win-tax-cut-as-crude-slumps-argentina-credit
On 22 October 2014, the President of Argentina Cristina Fernandez de Kirchner granted a tax break to Pan American Energy LLC (an oil and gas exploration and development company functioning as a subsidary of Bridas Corp). According to consistent press reports, this selective tax cut lowered the rate that Pan American Energy LLC pays on crude exports to 10 percent from previously 45 percent.
According to industry intelligence, Pan American Energy LLC is the second largest oil producer in Argentina with a market share of 17 percent.