Argentina Expands Economic Horizons with Tax Relief on Imports

Argentina plans to ease taxes on international goods, increasing the tax-exempt limit for foreign purchases from $1,000 to $3,000. The initiative, effective in December, aims to provide consumers with cost-effective products while including a $400 tariff exemption for personal use imports.

In a bid to bolster economic openness, Argentina will partially eliminate taxes on goods bought abroad, a move announced by a senior official on Friday. This policy shift is part of the sweeping economic initiatives being spearheaded by libertarian President Javier Milei.

The changes, set to take effect in December, aim to make international products more affordable for Argentine consumers. Under the new regulation, the tax-free limit on foreign purchases will increase to $3,000 from the previous $1,000 per package, detailed Economy Minister Luis Caputo.

Additionally, a tariff exemption of up to $400 on imported goods intended for personal use will apply, with buyers only needing to pay the country's value-added tax, according to a statement by presidential spokesperson Manuel Adorni.

(With inputs from agencies.)