Senate approves tax benefits for software promotion

- Thursday, July 28, 2011

Senate approves tax benefits for software promotion

Argentina's senate has passed a law that extends tax benefits for software exporters through 2019, the government announced.

The original tax benefit was valid until 2014. 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 with US$730mn, according to the industry ministry. Exports in 2010 accounted for 25% of software companies' sales.

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Domestic firms currently export to 45 countries - most of which are Latin American, but also include the US, Canada, Italy and Spain, the ministry reported. In 2004-10, software exports grew at an average 21.8% a year.