Argentina Reduces Export Duties on Grains and Oilseeds

Argentina has announced a reduction in export duties on major agricultural crops. The statement was made by the country’s Minister of Economy, Luis Caputo.

This is reported by AgroReview

Changes in Duty Rates for Grains and Oilseeds

From now on, the duty on wheat and barley exports will decrease from 9.5% to 7.5%. For corn and sorghum, the new rate will be 8.5% instead of the previous 9.5%. Additionally, the duty on soybeans will drop from 26.5% to 24%, and on processed products from 24.5% to 22.5%. The duty on sunflower will also be reduced from 5.5% to 4.5%.

Objective of Reducing Tax Burden

The Argentine leadership emphasizes that these changes are aimed at continuously reducing the tax burden on one of the key sectors of the economy, which provides a significant influx of foreign currency into the country.

“This decision implies a permanent reduction in the tax burden on one of the sectors that brings the largest volume of foreign currency into the Argentine economy.”