ARGENTINA said it will tax gain from the sale of shares in Argentine companies.
Gain from the sale of shares in “public” companies remains exempted from tax. The new tax was announced by decree in late April. Foreign investors with projects in Argentina will be subject potentially to the tax if they hold shares in an Argentine company through an offshore holding company. The tax will be collected by withholding by the buyer of the shares. The effective rate is 17.5%. However, the seller has the option of filing a return and paying taxes himself.
LOUISIANA wants new merchant power plants being built in the state to commit to supply at least 25% of their electricity in Louisiana in exchange for property tax breaks. Governor Mike Foster (R.) made the announcement in late April on his weekly radio program. The state offers property tax abatements for up to 10 years for new manufacturing facilities. The abatements have to be negotiated with the Board of Commerce and Industry.