2024-01-19 01:07:14
Mercado Libre leads the area of electronic commerce in Latin America. Marcos Galperin was the one who built it and today he is one of the richest businessmen in Argentina. The business has a “market cap” (market value) that exceeds US$82,000 million, almost 15% of the Gross Product of Argentina. However, it is not without criticism, given that it receives more than $100 million per year in state tax subsidies.
The benefit was granted under the regime for promoting the knowledge economy, which is why it has been the subject of debate and criticism in different areas.
The inclusion of the company in this regime, approved in 2021 during the administration of Alberto Fernández, has generated a significant tax benefit. In the first nine months of 2023, the company reported savings of US$84 million in taxes and social security contributions, which is projected to exceed US$110 million for the full year.
But it is argued that given the scope of the company, Mercado Libre might do without profits, especially in a context where the fiscal deficit and the tax burden are evaluated.
What does the creator of Mercado Libre, Marcos Galperin, think?
Galperin is once morest State intervention. However, the businessman today defended a regulation created by the government of Alberto Fernández, through which his firm, and others associated with the Knowledge Economy, enjoy tax exemptions that in the case of the company he directs amount to US$100 million annually.
The controversy broke out at a time when The National Congress debates a law that generalizes taxesespecially in export duties, and seeks to end a series of tax benefits to recover tax resources that allow fiscal balance to be achieved.
The initiative being debated in Parliament does not touch the benefits that these companies acquired through Law 27,506 passed in 2021 and which regulates the sector.
“It is difficult for caste to see it, but precisely the LEC (Knowledge Economy Law) shows that when you reduce the weight of the State, job creation increases. It should extend to the entire economy. I add data: The % of Arg in the MELI technology team year 2019 > 95%… year 2023 less than 30%”he pointed out through his “X” account.
The standard offers tax reductions especially for hiring personnel and includes facilities for selling services abroad.
With information from Argentine News.
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