The Government of Javier Milei announced this Friday a tax reduction on the import of clothing, footwear, and fabrics, with the aim of reducing prices in the local market.
In a new measure aimed at boosting competition and easing the financial burden on Argentinians, the Minister of Economy, Luis "Toto" Caputo, announced this strategic decision, which seeks to combat the high local prices affecting consumers.
According to his explanation on his X account, through a decree to be published in the coming days in the Official Gazette, the following tariff reductions will be applied:
Import taxes on clothing and footwear will be reduced from 35% to 20%.
Tariffs on fabrics will decrease from 26% to 18%.
Regarding the different types of yarns, tariffs will be reduced to ranges of 12%, 14%, and 16%.
Javier Milei, presidente de Argentina.
This initiative is part of the Government of Javier Milei's commitment to reduce the tax burden, promote free competition, and advance in economic deregulation.
The measure also aims to balance local prices with those of the international market, where Argentina continues to present significantly higher costs.
"Argentina remains the country with the most expensive clothing in the region and the world. A survey on international brand products indicates that a T-jersey costs 310% more in Argentina than in Spain and 95% more than in Brazil. Similarly, a jacket costs 174% more in Argentina than in Spain and 90% more than in Brazil," stated Caputo's communiqué.
Javier Milei, presidente de Argentina.
The reduction of these taxes aims to create an effect on prices, allowing a greater supply of imported products at lower cost and putting downward pressure on local prices.
This will not only benefit end consumers but also encourage the national industry to innovate and offer more competitive products.
Caputo emphasized that "we continue to reduce taxes and tariffs to foster competition and keep lowering inflation," in line with the Government's strategy to unleash the country's productive and commercial potential.
With this measure, Milei's administration reaffirms its commitment to economic openness and improving the purchasing power of Argentinians, aiming for a freer, competitive, and accessible market.
