Argentina raised farm export taxes, the country's main source of foreign ex...
BUENOS AIRES - Argentina raised farm export taxes, the country’s main source of foreign exchange, with a decree on Saturday aimed at increasing government revenue ahead of restructuring talks on about $100 billion in sovereign bonds and loans.
“Given the serious situation that public finances are going through, urgent adoption is necessary to meet, at least partially, budget expenditures with new resources,” the decree stated. “I understand that there was an increase in grains export taxes. What we do not know is in what magnitude because there are several ways to make the formulas. The decree is not clear,” Carlos Iannizzotto, head of Coninagro, one of Argentina’s main farm groups, told Reuters.
The country’s new agriculture minister, former left-leaning congressman Luis Basterra, was sworn in on Tuesday after Peronist President Alberto Fernandez was inaugurated to replace free-markets advocate Mauricio Macri, who failed to win re-election due to the unpopularity of his tight fiscal policies.
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