The new Argentinian government led by President Alberto Fernandez has scaled back planned increases in the amount of tax paid by oil frms in a bid to protect the country's thriving upstream sector. Earlier drafts of an emergency economic package proposed a levy on oil frms of as high as 15pc. But the fnal settlement — passed into law late last month — sets the tax rate for oil and gas exports at a maximum of 8pc after lobbying by Omar Gutierrez, the governor of Neuquen province in southwest Argentina, home to the vast Vaca Muerta shale region. Under the previous administration of Mauricio Macri, exports were taxed at a rate of 4 pesos/$1 exported, equating to a 6.7pc threshold.
展开▼
