The Minister of Economics, Luis Caputoannounced this Tuesday a reduction in tax withholdings for main crops by two percentage points. The aim of the measure, which comes into force today, is to reduce the tax burden on the sector that contributes almost 60% of Argentina’s exports and to reactivate agro-industrial competitiveness against the background of volatile international prices.
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“It’s another step towards tax relief”
Caputo prefaced the announcement with a direct message: “We are moving forward with a permanent reduction in export tariffs. Eliminating withholding taxes has always been a priority for the president“, he explained.
He also assumed that the government “everything possible” to move to a system without retention “as long as macroeconomic conditions permit.”
From the ministry they stated that the reduction was being sought Improving the competitiveness of the agricultural industrya sector that continues to be “one of the strongest engines of the Argentine economy and responsible for almost 60% of our exports.” The minister claims that the reduction in withholding tax is aimed at bringing predictability to the sector and supporting its ability to generate employment and development across the country.
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In his public message, Caputo reinforced this idea with a direct definition: “The path is clear: less taxes, more production, more opportunities and work for all ArgentinesFor the official, this move is part of a strategy aimed at consolidating the growth of the sector and expanding Argentina’s presence in international markets.
In parallel, the Chief of Staff, Manuel Adorniconfirmed that the revocation takes effect immediately and noted: “The path will always be to reduce taxes while maintaining fiscal balance.”.
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What are the withholdings today?
According to the official decision, the tariffs for the area remain as follows:
- – Soybeans: from 26% to 24%
- – Soy by-products (flour and oil): from 24.5% to 22.5%
- – Wheat and barley: from 9.5% to 7.5%
- – Corn and sorghum: from 9.5% to 8.5%
- – Sunflower: from 5.5% to 4.5%
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