The Argentine fishing industry exports to more than 100 international markets, generating close to 2 billion dollars in income. In the last 20 years, the sector has contributed nearly USD 2.3 billion in withholdings, according to expert estimates.
Withholdings vary by product, being 7% on frozen Illex squid exports and frozen whole shrimp, 5% on frozen Hubbsi hake fillets, and 9% on black hake and king crab. These taxes are applied based on fuel prices and other variables.
Amid the reduction of export duties for the agro-export sector, the fishing industry did not benefit. On the contrary, there was an increase in taxes that companies pay, which generated surprise and concern in the sector.
Fishing entrepreneurs have stated that, despite an increase in billing, costs have risen more than prices have fallen in international markets. This particularly affects products such as black hake, shrimp, and king crab, which have experienced significant increases in withholdings.
The Chamber of Fishing Vessel Owners and Freezers and the Argentine Patagonian Chamber of Fishing Industries expressed their dissatisfaction at being excluded from the reduction of export duties. This benefit is conditional on requirements that companies must meet to access it.
The Federal Fisheries Council decided to increase the Unique Extraction Fee (DUE) for most products, with an average increase of 234%. This measure has generated concern among business chambers in the sector, who view the future profitability of the fishing industry in Argentina with uncertainty.
