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Macri slashes agriculture export duties; farmers promise 30% larger crop

Staff writer |
Argentina's business friendly president Mauricio Macri, announced large tax cuts on agricultural exports and emphasizing that “the camp was essential to get Argentina back on its feet”.

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Macri, who took office Thursday, had promised to slash the steep taxes on agricultural exports, which triggered major protests by producers against former president Cristina Fernandez administration.

Export taxes will be eliminated altogether for wheat, corn and sorghum, and for soybeans the tax will drop from 35% to 30%, confirmed Agriculture Minister Ricardo Buryaile. Taxes on wheat and corn exports were previously 23% and 20%, respectively.

“I am going to sign the decree today,” Macri said in a speech to farmers in the town of Pergamino, in the heart of the Argentine Pampas, the fertile plains that are the national breadbasket.

The steep taxes had been introduced in 2008 under president Cristina Fernandez with the purpose of more resources for her administration's social welfare (and voters) oriented policies.

Protests over the steep rates paralyzed the agriculture sector that year and turned into a crisis for her government.

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