Taxation in Argentina

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As Argentina drafts plans to cut its budget deficit to convince nervous investors it can pay its debts, President Mauricio Macri is under increasing pressure to reverse one of his signature policies, cutting farm export taxes.

Argentina collected 293.9 billion pesos ($10.7 billion) in tax revenue in July, up 23.8 percent from the same month last year, the AFIP tax agency said on Wednesday.

Argentina may halt the gradual lowering of soybean export taxes as the government speeds up its deficit-cutting effort, Treasury Minister Nicolas Dujovne said on Thursday, prompting push-back from farmers already hurting from a soy crop reduced by drought.

Argentina plans to cut corporate income taxes to 25 percent by 2021 for companies that reinvest profits, it said on Tuesday, part of a wide-reaching tax reform bill intended to accelerate investment in Latin America’s no.3 economy.

The tax on legal cannabis in California is expected to skyrocket by the start of the year 2018, a new report suggests.

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