Argentina Begins Phasing In Cuts to Its Soybean Export Tax

Argentina has cut its soybean export tax to 29.5% from a previous 30%, the initial step to gradually reduce the levy to 18% over two years, the agriculture ministry said in a statement. The plan will see the tax cut by one half percentage point per month for 24 consecutive months.

"The reduction is one of a number of measures taken over the last two years to increase competitiveness and predictability in the sector," the statement said. The government is also cutting the export tax on soyoil and soymeal, down as of this month to 26.5% from a previous 27%. Under the plan, the levy on soy derivatives is due to fall to 15% by 2020, the ministry's statement said.