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Argentina reduces export tax on processed meat

The Argentine President Cristina Kirchner announced the reduction of export tax rate of corned beef and beef extract, 15% to 5% over a year to reactivate the meatpacking industry.

"We will charge the consideration of these companies employed in the maintenance and expansion of existing units because they will receive an important benefit of $ 12.5 million that we're giving up," said Cristina.

The deductions and various export restrictions imposed since 2007 have caused a crisis in the livestock sector. Last year, dozens of plants were closed, including six units of the Brazilian group JBS, which controls Swift Argentina.

The reduction rate for processed meats is especially beneficial to Swift. "It's an ad for calm and help the unions to reopen the Swift Venado Tuerto unit, which has about 700 employees," said an industry source for AE. "Its closure had been a heavy blow to the region," he added.

Information provided by Agencia Estado



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