Argentina: tax cuts on soy meal and soy oil exports suspended six months

Wednesday, August 15th 2018 - 07:03 UTC

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Argentina has suspended for six months its program of gradually cutting taxes on exports of soymeal and soyoil, the Treasury Ministry said in a statement on Tuesday, part of the government’s fiscal tightening program. International shipments of both soy products are currently taxed at 23%, lowered gradually from 32% in 2015, the statement said. Read full article

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Enrique Massot
Hear, hear:

“Cutting agricultural export taxes has been a high priority for president Macri, who was elected in late 2015 on a free markets platform.”

Indeed. The resulting loss of income was not compensated by revenue from other sources, thereby significantly reducing state revenue and boosting fiscal deficit.

As a result, “the economy has been shrinking.”

Perhaps for the first time Argentina has a president who is unable to understand two of the four basic arithmetic operations: addition and subtraction.
Aug 16th, 2018 - 05:28 pm - Link - Report abuse 0
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