News

ARGENTINA: TAX AND TRADE MATTERS

DUTIES ON EXPORTS OF SERVICES REALLY ARE COMING INTO EFFECT AS OF JANUARY 2, 2019

HERE IS WHAT YOU NEED TO KNOW

In our Client Update dated September 20, 2018 we reported on Decree No. 793/18 issued by the president seeking to continue or increase duties on exports of goods and, for the first time in Argentine history, to impose duties on exports of services. That Client Update can be found here. (https://www.linkedin.com/company/wiener-soto-caparros/)

ENERGY & NATURAL RESOURCES

RENOVAR 3: A TWIST IN THE RACE TOWARD RENEWABLE ENERGY
The Macri Administration has made renewable energy a priority in its energy policy. Since July 2016, when renewable sourced energy amounted only to 0,8 GW (1,8% of the energy matrix) the government has launched three “rounds” of power auctions, Renovar 1, 1.5 and 2, which led to the award of 147 projects in solar, wind, biomass and other renewable sources representing 4.466,5 MW at an average of US$ per 51,49 MWh in the last round. Still, only a few of these projects have been commissioned, while many others have experienced delays. Increased financing costs tied to Argentina’s macroeconomic problems and a severely constrained infrastructure (the high-tension 500KV transmission lines are at full capacity) have hampered the renewable energy sector. With RenovAr 3, or“MINIREN” as it is popularly referred to, the government has taken a necessary steptoward achieving its goal of having 20% of national energy consumption sourced from renewables by 2025.