UPDATE 1-Argentina to cut wheat export tax, mulls soy tax reduction

Argentina, a major world supplier of wheat, ‌will cut its export tax on the grain to 5.5% from a current ‌level of 7.5%, President Javier Milei ‌said on Thursday, starting from June.

Speaking at an event at the Buenos Aires Grain ⁠Exchange, Milei ​said ⁠that export taxes on soybeans could also ⁠be cut by between 0.25 and 0.50 percentage ​points next January, provided the country's ⁠tax revenue allows for this. Argentina is the ⁠world's ​top exporter of processed soy.

He also signaled upcoming tax cuts ⁠for the automotive and petrochemical industries, noting details ⁠of ⁠these adjustments will be announced in the coming days.