-
Compliance
Assistance in the design, implementation and monitoring of Compliance programs within the framework of local and international regulations (FCPA, Corporate Criminal Responsibility Law), including course delivery.
-
ESG & Sustainability
Projects related to ESG (environmental, social and governance) and Sustainability.
-
Forensic
The services offer includes expert advice in litigation resolution and the development of procedures in legal/digital forensics and cybersecurity.
-
Human Capital solutions
Grant Thornton's Human Capital division has a team of professionals determined to accompany individuals and organizations throughout the relationship between the employee and the organization.
-
Organizational restructuring
Advice on operational restructuring to companies in difficulty, their creditors or other interested parties.
-
Services to the Government and the Public Sector
Financial audit projects and special technical and concurrent reviews of programs of national and subnational governments financed by International Credit Organizations. Special projects for government entities, public and mixed companies.
-
Valuation Services
We provide stock, business, asset, and liability valuations in support of negotiations, account structuring, and tax opportunities.
-
Transaction Advisory Services
The service offer includes financial due Diligence, operations services, business and strategic intelligence, ratings, advice on mergers and acquisitions, capital markets and debt advice.
-
Academy - Empowered by Grant Thornton Argentina & Perú
Academy is an e-learning platform that emerged as a joint initiative of Grant Thornton Argentina and Grant Thornton Perú. It is designed so that everyone can acquire new skills in accounting, auditing, taxes, technology and business through access to multiple courses and certifications.
-
External audit
We offer services of external audit of financial statements; assurance reports, agreed procedures and certifications; due-diligence and take-over of companies.
-
Audit methodology and technology
At Grant Thornton we use a single audit methodology across our global network. We apply it through an integrated set of software tools known as the Voyager suite. Meet it now.
-
Professional standards and training
Our IFRS advisors can help you navigate the complexity of the standards so you can spend your time and effort on your business.
-
Prevention of money laundering and financing of terrorism
At Grant Thornton we provide advice to our clients in the development of an Asset Laundering and Terrorist Financing Prevention strategy that allows them to prevent risks in a comprehensive manner.
-
Tax outsourcing
Taxes have a strong impact on your business decisions. At Grant Thornton we will respond quickly and tailor solutions for our clients.
-
Payroll
Put your payroll in good hands while you take your business beyond. Learn about our services.
-
Accounting, administration and finance services
To achieve the highest business benefits, you need an experienced team by your side. Learn about our services.
-
Start-up companies
Learn about our solutions to help build your business.
-
Financial statements audit
We offer services of external audit of financial statements; assurance reports, agreed procedures and certifications; due-diligence and take-over of companies.
-
FIU Independent External Reviewer - AML/CFT
We participate in the implementation of the requirements of the FIU in leading companies and our services ensure an orderly framework, optimizing the investment.
-
Internal audit
An internal audit helps identify gaps, deficiencies, and potential for inherent risk in all facets of the organization.
-
Legal audit
The monitoring of the legal area is usually a complex and difficult task for organizations, which however cannot be neglected.
-
Creation and acquisition of Financial Entities
We have the knowledge and experience in activities related to the acquisition and creation of financial entities, both locally and internationally.
-
Responsible for regulatory compliance
At Grant Thornton we offer the service of acting as "Responsible for Regulatory Compliance and Internal Control" for companies that requested registration as Settlement and Clearing Agent and Trading Agent.
-
IT Internal Audit
IT has been, and will increasingly be, a key factor for success and operational efficiency in all industries. Innovations such as the cloud and virtualization, and new threats around data security, have reinforced the importance and increased the risks associated with the use of technology for our clients.
-
Global Mobility Services
Sending someone abroad involves liabilities and obligations. We offer interesting solutions to minimize the tax burden for both parties.
-
Direct Tax
We provide clear and practical solutions that meet your specific business needs, in the most tax-efficient way possible.
-
Indirect Tax
Grant Thornton's tax teams take a rigorous approach to help you meeting your tax obligations, whatever challenges you may face along the way.
-
International taxes – Transaction support
We offer our international experience in the field and make available the resources to plan and adequately comply with regulatory frameworks.
-
Services to private clients
Wherever you are in the world, our tax specialists can help you with your interests and investments abroad.
-
Clean energy and technology
Growing demand, development of new ways of energy and need of a sustainable future: we accompany our client in these changes and to be one step ahead.
-
Mining
Our flexible, partner-led teams are dynamic and focused on development. We take time to understand the details of the client’s business and offer unique solutions.
-
Oil and gas
Our Oil & Gas teams have the deep knowledge, wide experience and vision needed to offer our clients practical solutions adapted to their businesses.
-
Banking
Grant Thornton offers meaningful and accurate solutions for operational and transactional issues, litigation and administrative disputes in banking.
-
Private capital
We gather international teams of experts in corporate finance, restructuring and recovery, tax and insurance services to deliver customized solutions from initial investment, through development stages until the end of each project.
-
Fintech
We work to take advantage of all opportunities and manage industry risks, allowing our clients to always be one step beyond their competitors.
-
Asset management
We have specialized teams in more than 140 markets delivering solutions regarding insurance, taxes and advisory to global, international, regional, local asset managers.
-
Insurance
Thanks to our specialized team we offer accurate solutions for operational and transactional matters, litigations and administrative conflicts.
The United Kingdom (UK) is the second largest economy in Europe and one of the world's ten largest economies by GDP. According to the World Trade Organization, it is the sixth largest importer and 15th largest exporter of goods, and the second largest exporter and the largest importer of commercial services.
The Observatory of Economic Complexity indicates that from 2017 to 2022, Argentina's exports to the United Kingdom have increased at an annualized rate of 1.54% and imports increased at an annualized rate of 6.68%. While in this period the main exported products have remained stable in category, those imported have varied, except for palladium, which has maintained its leadership in merchandise purchased from the United Kingdom.
“Historically, the trade balance of goods exchange between Argentina and the United Kingdom has been positive for Argentina”, comments Alejandro Chiappe, Advisory Services Partner and representative of Grant Thornton Argentina at BritCham. “In fact, the goods trade balance in the United Kingdom is negative. Not so in services, where it has a large surplus and financial and business services are very important”.
Trade exchange today
In the last 5 years, trade exchange between Argentina and the United Kingdom was around US$ 1,250 million. Although our country exports more than it imports, in the last two years the trade surplus did not exceed US$35 million.
From Argentina to the United Kingdom
Argentina is the UK's main supplier of flour and pellets from soybean oil extraction (17.8%). This by-product of the oilseed industry is used as livestock feed due to its high protein content. In 2023, exported US$ 246.77 million and in the first eight months of 2024 US$ 195.81 million were shipped.
Argentine wine, especially Malbec, finds a very relevant place in the UK and has gained importance over Australian and Chilean wines, which entered the British market earlier.
“The United Kingdom is the second largest importer of wines in the world”, says Julia Adano, Lead Tax Partner and Agribusiness spokesperson at Grant Thornton Argentina. “It is a very competitive market, with the presence of multiple regions and varieties, and despite the tariff disadvantages, Argentine production is very well positioned”.
In addition to a standard VAT rate (20%), Argentine wines are subject to a third-country duty that depends on the alcohol content, whether it is sparkling or not, and whether it is bottled or in bulk. Thus, taxes can represent up to 60% of the final price. Direct competitors outside the EU such as Chile, New Zealand and Australia have treaties and agreements that grant them better access conditions to the UK and zero tariffs.
Argentine export of non-sparkling wines, grape must in which fermentation has been prevented or stopped by adding alcohol, in containers with a capacity <= 2l. has decreased since 2022. While in 2021 Argentina sold bottled wine to the United Kingdom for US$ 94.88 million, in 2022 sales were US$ 80.68 million and in 2023, US$ 69.15 million. Despite this downward trend, our country continues to be positioned as the tenth supplier to the British market for these products.
The agricultural industry finds in the United Kingdom an interesting market for cereals, seeds and fruits. Argentine exports consist mainly of corn and peanuts. Argentina is one of the main corn suppliers to the UK, accounting for 10.3% of British imports and positioning itself as its fourth supplier. As for peanuts, seeds represent 96.86% of sales in the “seeds and fruits” category and positions Argentina as the 11th supplier. In 2023, the export of corn was US$22.88 million and that of peanuts was US$55.72 million, decreasing and increasing respectively, compared to the previous year.
The fifth category of products that Argentina exports the most to the UK is “bran, sharps and legume residues”. In 2022, Argentina was the world’s leading exporter, and the UK was the third largest importer globally. That year, Argentina sold this product to the UK for US$ 66.49 million. In the first eight months of 2024, the export amount was US$ 12.85 million.
The United Kingdom is a large consumer of meat, both beef, pork and poultry, but Argentina's share in this market is very low: it is ranked eighth in the list of chilled meat suppliers and 14th in frozen meat. "Although the quality of Argentine meat and its good positioning throughout the world are undeniable, Ireland is the natural market and leads in these categories with a share level of 82% and 72%", Adano points out. "Argentina's low share is largely due to Ireland's predominance and the high tariffs that imports outside the Hilton quota -which is currently 111 tons per year- must pay".
From the United Kingdom to Argentina
Regarding Argentine imports from the United Kingdom, palladium is the element that for the last 15 years has remained among the three most purchased goods. “Although it is not one of the main producers, the United Kingdom is positioned as one of the main exporters”, says Estanislao de León, Audit Partner and Energy and Natural Resources industry spokesperson at Grant Thornton Argentina. “The British industry refines metals from this group and produces alloys for the jewellery, automotive and information technology industries”.
Medicines, fungicides, blood fractions and immunological products, fuel, rhodium, ferromolybdenum, whisky, gas turbine parts and piston turbines are some of the items that have led British exports to Argentina.
Import January - August 2024 (Source: INDEC) | ||
---|---|---|
Code
|
Description
|
US$ million
|
84082030
|
Piston engines, diesel or semi-diesel, for motor vehicles, of a cylinder capacity > 2500 cm3 and <= 3500 cm3
|
57.32
|
84119900
|
Parts of gas turbine
|
20.60
|
71102100
|
Unwrought or in powder form palladium
|
15.54
|
30024992
|
Toxins for human health
|
15.38
|
84118200
|
Gas turbines of a power > 5000 KW
|
12.28
|
The British economy and the Argentine opportunity
“The Brexit has not changed the trade landscape; the European Union continues to be the main supplier and destination of British goods and services. It is an attractive market for Argentina and one that opens the doors to the Commonwealth and the Middle East”, highlights Fernando Fucci, Managing Partner of Grant Thornton Argentina and Director of the International Business Centre.
The UK economy is open to trade. However, the sectors where Argentina already has a strong presence do not present greater opportunities for participation.
“For some industries, permanence is more important than the introduction of new products”, says Adano. “This is the case of the wine industry, where Argentina is mainly associated with Malbec, which makes other strains or organic wine lines difficult to position. But not the case of the agro-livestock industry, where regional fruit and sheep production industries meet the high-quality standards demanded by British consumers and could find a market”.
Despite Argentina's capacity to sell more, due to population size, consumer behaviour and geopolitical reasons, the United Kingdom trades mainly with countries in the European Union, the United States and China. Therefore, the increase or opening of new markets is mainly conditioned by the supply: if some traditional suppliers cannot take on new export contracts or are prevented from fulfilling previous commitments, Argentina could respond and satisfy that demand.
However, markets can currently be explored for other national industries such as energy and natural resources, the knowledge industry, and regional economies activities.
In 2022, the United Kingdom consumed 1,789 million litres of biodiesel, which represents a market opportunity for Argentina. “Imports of Argentine biodiesel pay a tariff that ranges between 25 and 33%, due to antidumping measures established by the Trade Remedies Authority”, indicates Gabriel Righini, Audit Partner and Energy and Natural Resources industry spokesperson at Grant Thornton Argentina. “However, this tariff is being reviewed and it is estimated that the final resolution will be known in February 2025. If it is favourable for Argentina, in the coming years we could see an increase in exports to the United Kingdom”.
The Argentine science and innovation industry is highly regarded by the UK. Both countries have a long history of collaboration. “During the COVID-19 pandemic, we have worked closely with the United Kingdom on the exchange of data and genomic sequencing to produce the active ingredient of the ‘Oxford Vaccine’”, Chiappe exemplifies. “In addition, there is other joint research in health and biological sciences. The field of life sciences, thanks to the excellence of Argentine talent, has the capacity to take the trade relationship between both countries beyond and boost commercial exchange in products and services with added value”.