empty
 
 

2017.08.1309:18:00UTC+00ARGENTINA: Government Cuts Import Taxes To Oil Industry Equipment

The Argentinean government zeroed the capital goods import tariff for the most critical equipment used by the oil industry. Other equipment related to the oil sector will pay a 7% import tax. The President Mauricio Macri's decree on the subject aims to accelerate investments in the Vaca Muerta field.

According to the Ministry of Production, Argentina needs between US$ 6.5 billion and US$ 8,0 billion in annual investments over the next few years to develop the Vaca Muerta region, and the import tariff measure should accelerate this process.

"To attract this amount of capital we have to improve the cost of extracting the resources that are underground today," said the Production Minister Francisco Cabrera. "This measure has the dual goal of improving oil companies' competitiveness and developing local suppliers in a context of greater activity in the sector."

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback