Argentina Slashes Export Tax on Cosmetics to Boost Global Competitiveness

Argentina will eliminate export taxes on 4,411 commodities, including cosmetics and personal care products. The country aims to strengthen its economy and promote international exports and trade.

Argentine Economy Minister Luis Caputo said the elimination of export taxes will benefit 3,580 companies and about 40% of exporters. Previously, the export tax rate was 3% to 4.5%.

The country aims to improve its global competitiveness, especially in value-added products. The tax cut covers 88% of the country's industrial products.

Last year, the export value of these products totaled $3.8 billion, including high value-added products such as cosmetics, pumps, plastics and metals.

Caputo stressed that imposing export tariffs on goods would reduce the competitiveness of Argentine products abroad and hinder exports.

Small and medium-sized enterprises are the main force driving the elimination of export taxes.