16
Dec
Argentina’s New Government Hikes Export Taxes on Ag Products: As anticipated, Argentina’s new government has hiked export levies on soy, wheat and corn, according to an official decree on Saturday, hitting farmers in the grains exporting nation to raise revenue needed to avoid default on a mountain of looming sovereign debt. President Alberto Fernandez, who took office on Tuesday, boosted the rate for soybeans, soyoil and soymeal to 30% from about 25% and lifted the levy on corn and wheat to 12% from around 7%. The decree also raised beef export taxes to 9% from 7%. Argentina’s farmers, already hit by high financing costs, inflation and a dry spell, had widely expected their profits to take a hit from some sort of tax hike, with the government facing restructuring talks on about $100 billion in debt. (Source: Reuters)