BUENOS AIRES, Oct. 21 (Xinhua) -- Argentina's government on Monday announced the replacement of the country's tax agency with the Tax Collection and Customs Control Agency as part of belt-tightening measures.

As of Monday, the Federal Administration of Public Revenues, better known as AFIP, will cease to exist, and the Tax Collection and Customs Control Agency will be created with a simplified structure, said Manuel Adorni, the presidential spokesperson, at a press conference.

"This will mean a budgetary savings of around 6.4 billion pesos a year (about 6.5 million U.S. dollars)," he said. ■