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Argentina to Hike Tax on Soy Products With Corn and Wheat Spared

South American Soybean Exports Seen at Record High

Photographer: Diego Giudice/Bloomberg

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Argentina’s government is singling out soybean shipments as it looks to raise more revenue to plug budget gaps, pay down debt and kick start the economy.

Shipments of raw soybeans, as well as cooking oil and livestock feed made from the oilseed, will be taxed at a rate of 33%, up 3 percentage points from current levels, under a measure that may be implemented as soon as Wednesday, according to people with knowledge of the matter. The South American country is the world’s biggest exporter of the soy products.