July 21, 2020

Argentina does not plan to raise grains export taxes

Agriculture Minister Luis Basterra said there are no plans for a hike in grains export taxes even through a deep recession is pushing the government to search for revenue, Reuters reported.

There have been concerns over a possible increase in wheat, corn, and soy taxes among farmers as the Argentinian government, involved in a restructuring of sovereign bonds worth US$65 billion, is looking to boost its revenue.

However, Basterra reiterated that it will not hike taxes but boost production instead, by expanding planting areas and added investment for higher crop yields.

Argentina is the top supplier of soymeal livestock feed, and a major wheat, corn and soybean exporter.

Currently, wheat exports are taxed at 12%, corn at 12%, soybeans at 33% and soymeal at 33% in Argentina.

-      Reuters