Argentine lawmakers last Wednesday approved a government plan that will offer tax incentives to firms in the country’s emerging software industry.
Under the initiative passed by the Senate last Wednesday, ARS1 billion (US$332.2 million) in tax breaks will be made available to encourage capital investment in the industry.
These funds will mainly be applied to the refunding of value-added tax on the purchase of goods, and accelerated depreciation for income tax purposes.
The software industry is seen as a potential high-growth sector in Argentina, with the country’s educated workforce and an attractive exchange rate between the Argentine peso and the US Dollar considered attractive factors for investors.
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