Argentina Slashes Export Taxes to Bolster Grain Sector

Argentina is set to lower export taxes on key grains such as soybeans and corn, a decision aimed at benefiting its farming sector and fulfilling President Javier Milei's campaign promise to cut taxes gradually. This move is expected to bring financial relief and support to the agricultural community.

Argentina's government announced a reduction in export taxes on grains, including soybeans and corn, to support the crucial farming sector.

The Economy Minister Luis Caputo revealed that the tax on soybean exports would drop to 24% from 26%, and on soybean byproducts to 22.5% from 24.5% in a recent post. This aligns with President Javier Milei's campaign promise to gradually reduce taxes, avoiding a sharp decline in tax revenue.

These measures, set to be published in the Official Gazette soon, have been welcomed by agricultural leaders as a step towards improved sector profitability.

(With inputs from agencies.)