KONTAN.CO.ID - BUENOS AIRES. Argentina will charge a new 25% refundable duty on all purchases made in foreign currencies, a senior tax official said on Tuesday, as the government aims to protect scarce hard currency reserves amid a severe economic slump. Faced with sky-high inflation and a slump in the local peso, Argentina's government has sought to minimize strains on dwindling U.S. dollar reserves needed to pay for costly energy imports and debt payments alongside other priority spending. The new duty, which can be refunded next year, goes into effect on Wednesday, public revenues chief Carlos Castagneto told reporters at a news briefing.
Argentina to Apply New 25% Duty on Purchases in Foreign Currencies
KONTAN.CO.ID - BUENOS AIRES. Argentina will charge a new 25% refundable duty on all purchases made in foreign currencies, a senior tax official said on Tuesday, as the government aims to protect scarce hard currency reserves amid a severe economic slump. Faced with sky-high inflation and a slump in the local peso, Argentina's government has sought to minimize strains on dwindling U.S. dollar reserves needed to pay for costly energy imports and debt payments alongside other priority spending. The new duty, which can be refunded next year, goes into effect on Wednesday, public revenues chief Carlos Castagneto told reporters at a news briefing.