Sergio Massa announced tax facilities and increased credits to encourage SMEs

The Minister of Economy, Sergio Massa, announced today a series of tax benefits and credit lines for small and medium-sized enterprises in order to increase investment, hiring labor, and increasing exports. Massa made this announcement at the Economy Ministry, accompanied by the Secretary of Industry and Productive Development, José Ignacio de Mendiguren, the Undersecretary for SMEs, Tomás Canosa, the president of the Argentine Industrial Union (UIA), Daniel Funes de Rioja, among other officials and representatives of the business world. In the tax field, Massa announced that from the first of August until December 31, 2024, SMEs will be able to take 30% of the payment of the tax on bank debits and credits “as payment on account of 15% of the contributions and contributions” that companies must make to their employees, social works, and pensions. Secondly, Massa reported that it was decided to alleviate what is known as an advance of Profits, a measure that reaches 330 thousand SMEs and 3.5 million people who had as an advance of the first installment 25% (then the rest of quotas). “We have lowered the advance payment to 10% and divided it into 10 installments so that the advance is much lighter and more bearable. It will also take effect from August 1, 2023,” he said. The third issue, which affects 95,500 SMEs and micro-SMEs, is the exclusion from the VAT collection and withholding system. It is to end the process that often complicates their lives. We know that our challenge going forward is to simplify the tax system, but we can also do things in the meantime so that SMEs have more facilities to continue investing.” added the Minister of Economy.” On the other hand, we decided to expand the SME export system. We have a system of Non-Refundable Contributions (ANR), which companies, when they achieve the result of increasing their exports, do not have to return. In this case, we will put $19 billion into NRAs with projects that reach companies in 21 provinces,” he continued. SMEs in Argentina export USD 13,500 million a year and the more we grow SME exports, the more possibilities we will have to supply our reserves,” he said. Finally, he commented that there is another item that can increase its exports, the knowledge economy sector. “We expanded the system of credits and guarantees. There will be $ 2,000 million in credits (BICE) and $ 1,000 million in guarantees (Fonpec). It will also reach 21 provinces. It will be 24 months, with six months of grace.” Announced.

Original source in Spanish