Report on glasswork sector shows that profit tax decreases in spite of increased sales in Argentina
The Federal Administration of Public Revenues of Argentina, disseminated the data of its eighth sectorial report of the economy, wherein a detailed analysis was made of the glasswork sector. “During the past years, glass manufacturing as well as products from that material showed a sustained increase in sales”, according to AFIP’s administrator, Ricardo Echegaray, but warned that in spite of sustained growth, in 2009 there was a sharp decrease in the Profit Tax which the companies must explain”.
“According to the study, sales of the sector in 2009 amounted to $ 2.5 billion Pesos, or 9.8% more than the previous year when the amount billed was $2.3 billion, However, instead of an increase in profit tax, it decreased by 13.9%, since they only paid $124 million to the Treasury , as compared to 144 in 2008”, AFIP’s administrator said.