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Argentine President Cristina Fernández has officially enacted the software and IT services law that extends tax benefits for software exporters through 2019, the government announced.
According to the government, during the past six years, and at a rate of 278%, software production was the sector with the highest growth in the country. During the same period software-related exports jumped 329% and employment 240%.
Argentina exports software and IT services to more than 45 countries, most of them in Latin America, but also to the US, Canada, Spain and Italy.
The newly approved law stipulates a 60% reduction on taxes for income coming from software exports.
In Argentina, 55% of software firms export, with sales abroad increasing 4.3 times between 2002 and 2010, closing last year at US$730mn, according to the industry ministry. Exports in 2010 accounted for 25% of software companies' sales.