Argentina's Milei Seeks 15% Increase in Export Tax on Some Grains

tendata blogTrade Trends News

ten data blog15-12-2023

Argentina's new government, led by liberal President Javier Milei, will seek to raise export taxes on some grains to 15%, but this will not affect soybean tariffs.

The news comes a day after Economy Minister Luis Caputo laid out economic measures to address the ailing economy, including raising certain export taxes, although he has said this would not apply to the agricultural sector.

Argentina is one of the world's largest exporters of processed soybean oil and meal, the third largest exporter of corn, and an important producer of wheat and beef. The current export tax rate is 12% on wheat and corn and 33% on soybeans.

The Nacional and other local media have reported that the Mile government will seek to push through the tax increase through a bill that will be introduced in Congress.

Sources in the grain export sector with direct knowledge of the matter confirmed the report in El País. Meanwhile, a government source said official information would be released later in the day.

Liberal economist Millet promised to be "shocked" when he took office on Sunday. Measures are being taken to try to address the country's worst economic crisis in decades, with inflation in triple digits, negative net foreign exchange reserves and a recession looming.

The government is in dire need of funds, especially foreign exchange, and the cereal sector is the main driver of exports.

Caputo announced his first economic measures on Tuesday, including a devaluation of the peso by more than 50 percent and deep spending cuts. He said there would be a temporary increase in the "withholding tax on non-agricultural exports". An exemption was proposed for grains.

"Once the emergency is over, we will continue to eliminate all export tariffs," he said.

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