Argentina's ongoing currency crisis is leading to increased export taxes for its agricultural commodities, with corn being hit the hardest. President Mauricio Macri's announcement of USD$12.9b in cuts and the return of export taxes as part of plans targeting a zero deficit budget will see farm exports be taxed at four pesos for every dollar with a roof of 50%, except soyabeans, which will continue to have the same export tax. Processed products, such as soyameal and soyabean oil, will be taxed at 3 pesos for each dollar. The new taxes will make corn 10% less profitable, according to Agritrend.
Argentina's ongoing currency crisis is leading to increased export taxes for its agricultural commodities, with corn being hit the hardest. President Mauricio Macri's announcement of USD$12.9b in cuts and the return of export taxes as part of plans targeting a zero deficit budget will see farm exports be taxed at four pesos for every dollar with a roof of 10%, except soyabeans, which will continue to have the same export tax. Processed products, such as soyameal and soyabean oil, will be taxed at 3 pesos for each dollar. The new taxes will make corn 50% less profitable, according to Agritrend.