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Economy, Money, Banking & Taxes - Argentina Apply now for international schools jobs and start teaching abroad with overseas adventure.

Money

Argentina uses the Peso as its currency and this can be divided down into 100 Centavos. The currency uses the international currency code ARS and ARS 1 is equal to $0.12 or £0.07.

Currently circulating coins of the Argentinian Peso are available in 1, 5, 10, 25 and 50 Centavo variants as well as 1, 2 and 5 Peso variants.
Bank notes are available in 2, 5, 10, 20, 50 and 100 Peso variants.

Economy

Argentina’s biggest industry is in its Service sector which in total contributes over 60% of its annual GDP, these include the telecommunications, tourism, insurance, real estate, transportation and social sectors.

Additionally, the Agricultural centre of Argentina is huge, accounting for around 9% of annual GDP, as the country is one of the world’s biggest agricultural producers. Produce varies and may include beef, grapes, maize, soybeans, sunflower seeds, yerba mate, wheat, squash, sorghum, honey and citrus fruits. Biodiesel is also making notable numbers and is growing at a faster rate every year, making over $2 Billion in exports in 2011 alone.

The country also exports a lot of its natural resources, especially gas and petrol which account for around 4% of the country’s annual GDP. Exports also include a variety of minerals and metals such as copper, magnesium, tungsten, zinc, gold, silver, uranium, sulphur, lead and borate.

Other large scales include the Banking sector and the Industry sector, the latter of which contributes around 16% of the country’s annual GDP and has strong ties into Argentina’s agricultural sector. The main produce is in glass, plastics, lumber, tobacco, printed media, apparel, leather, furniture, recorded media, textiles, tires and cement.

Banking

Although once very sketchy, today the Banking sector is known to be very strong and since 2006 the banks have been improving drastically and rapidly. Banks behave very much like their western counterparts do, offering a duo of accounts: Current Accounts and Savings Accounts. The former offers quicker access and unlimited withdrawals and the latter gives a higher interest rate but may limit one’s ability to withdraw on-the-fly.

Taxes

Taxation in Argentina is applied through Income Tax, Wealth Tax, Value-Added Tax, Inheritance Tax, Corporate Tax, Stamp Tax and Bank Transaction Tax.

Wealth Tax scales according to one’s available wealth and may range from 0.5% to 2.5% of the wealth available. Value-Added Tax is applied at a flat rate of 21% on most products. Inheritance Tax is applied on all transferred items at a rate of 4% when the combined value of said items is over ARS 3 million.

Corporate Tax is applied at 35% on all corporate sales as a flat rate whilst Stamp Tax is applied on the value of all real property at a rate of 1.5% and may be applied to vehicles and other assets. Bank Transaction Tax is applied at a rate of 0.6% on all transactions. Finally, Income Tax is applied on all money earned for work performed inside of the country and is scaled according to how much is earned.