November 2, 2017 / 1:54 PM / a year ago

Argentina ends rule on repatriation of local firms' export revenues

BUENOS AIRES, Nov 2 (Reuters) - Argentina has scrapped a long-standing regulation requiring local companies’ export revenues to be repatriated, according to a government decree published on Thursday.

The move is part of President Mauricio Macri’s free-markets reform agenda. Since taking office in late 2015 Macri has lowered foreign exchange controls while reducing grains export taxes and corporate income taxes.

The decree, published in the government’s official gazette, said ending the rule was needed to improve the competitiveness of Argentine exports, make financing conditions more flexible and improve financial predictability. (Reporting by Hernan Nessi, writing by Hugh Bronstein; editing by Susan Thomas)

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