Argentina: Correo Argentino gets tax exemptions

Argentina, Nov 16, 2001 (El Clarin/SABI via COMTEX) — The Government has reduced the costs of the postal operator Correo Argentino by Pesos $10mil annually by including it in the Competitiveness Plan (for tax exemptions). Correo had to call in the receivers and owes Pesos $260mil in unpaid levies. The postal sector turns over Pesos $2.3bil annually of which Pesos $1bil is generated through the black economy, meaning tax evasion in the sector of Pesos $350mil. At the moment Correo Argentino pays a levy of US$300,000 daily, while its competitors pay US$12. Correo Argentino has a debt of Pesos $740mil which include a debt of Pesos $260mil to the State and another Pesos $276mil to the banks.