Argentina will extend a tax reduction on wheat exports, while discarding the possibility of additional tax relief to other important grains for the country’s export, the Minister of Economy, Luis Caputo, said on Tuesday (20).
Farmers and exporting companies had been asking for the measure, which should expire in late June.
The reduction of taxes on wheat as well as on barley will now last until March 2026, Caputo said in an X post.
With the decision, wheat and barley will continue to be taxed by 9.5%, while corn, whose shipments currently pay 9.5%, will be taxed again at 12%at the end of next month.
However, tax relief for other major export cultures such as soy, corn, sunflower and sorghum, as well as its derivatives, will not be extended, said caputo.
The tax on soybean, oil and soybean bran will increase again from the end of June. Of the current 26% and 24.5%, they will go to 33% and 31%, respectively.
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Argentina is the world’s largest exporter of oil and soybean bran and the third largest soybean exporter. The shipments of these products are the main source of currency for the South American country.
He added that the measure would last until the next wheat crop as culture planting is beginning.
