Gov't announces measures to boost local industry

During a televised speech today, President Cristina Fernández de Kirchner announced custom duties benefits for local capital goods manufacturers beginning on July 1st.

The Head of State presented custom duties hikes from 0 to 14 percent for capital goods produced within the country and 2 percent for goods produced abroad.

According to the President, the new custom duties are aimed towards “battling any unfair competition coming from neighbouring countries.”

“We are focused on protecting the national labour and industry”, Fernández de Kirchner explained.

The President also extended previous tax breaks, known as tax bonds, to benefit the sector up to December this year. Nevertheless, the President conditioned the benefits to the preservation of “jobs and investment.”

“Those who fail to fulfill these requirements will loose the benefits”, Fernández de Kirchner concluded.