Argentina Plans Fresh Tax Hike as Farm Nightmare Comes True
- Days after first rise on crops, government proposes a second
- Soy crushers set to catch a break thanks to provision in bill
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Argentine farmers’ worst fears were confirmed Tuesday as the new government proposed an increase in export taxes just three days after a first hike roiled the Pampas crop belt.
Taxes on soybean shipments will reach 33% under a bill sent to lawmakers, Economy Minister Martin Guzman told reporters. That compares with 30% now and 24.7% last week. Corn and wheat would be charged 15%, up from the current 12% and 6.7% last week.