March 12, 2008

Argentina raises soy export tax 7-9 percent

Argentina announced a new sliding scale for export taxes on grains, which will see the export tax on soy rise 7-9 percentage points, based on current prices, Economy Minister Martin Lousteau announced Tuesday (March 11, 2008).

The export tax on soy subproducts, as well as, sunflower oil will rise by a similar amount, Lousteau said.

The export tax on wheat and corn will decrease by about one percentage point based on current prices, Lousteau said.

In November, the government raised the export tax on soy to 35 percent from 27.5 percent, and the tax on soyoil to 32 percent from 24 percent. Wheat export taxes were raised to 28 percent from 20 percent, while the tax on corn rose to 25 percent from 20 percent.