The Professional MBA travelers met with Deloitte Argentina for a fascinating executive briefing on Tuesday. Topics ranged from the Argentine tax system, the economic outlook, and a review of the various private and public agencies governing major business sectors. Highlights from the presentation included:
The group toured pharmaceutical firm Roemmers Laboratories in the afternoon. After donning lab coats, shoe covers and hair nets (how attractive!), the plant manager lead everyone through various areas of the facility which included a raw materials warehouse, packaging lines, and quality control. We also learned it is a privately held firm and the founder/owner is still running the operation.
We have a rare free evening, and rumor has it that Argentinian beef is on the menu.
Tomorrow, more plant tours, business presentations, and a treat--dinner and a tango show (we're watching, not dancing.) More later in the next post! Adios!
- Agriculture is the country's largest revenue sector.
- The United States does not have a tax treaty with Argentina.
- All bank account debit and credit transactions are taxed for all customers, including consumers. You deposit your paycheck--you pay a fee. You withdrawal cash--you pay a fee. No wonder our presenter yesterday from a major bank stated that they make their money in Argentina on transactions.
- Corporate tax rates begin at 35% and increase from there based on the type of business.
The group toured pharmaceutical firm Roemmers Laboratories in the afternoon. After donning lab coats, shoe covers and hair nets (how attractive!), the plant manager lead everyone through various areas of the facility which included a raw materials warehouse, packaging lines, and quality control. We also learned it is a privately held firm and the founder/owner is still running the operation.
We have a rare free evening, and rumor has it that Argentinian beef is on the menu.
Tomorrow, more plant tours, business presentations, and a treat--dinner and a tango show (we're watching, not dancing.) More later in the next post! Adios!
