The Ministry of Agriculture, Livestock and Fisheries of Argentina reported on Wednesday (26.02.2020) that it has temporarily suspended the registration of agricultural exports as of today.
Operators estimate that the measure is a a preliminary step to an increase in tariffs on grain exports.
«Today, export records have been suspended, a measure that surprises and leaves a deep feeling of deception.", said the Argentine Rural Confederations (CRA) in a statement.
A 3% increase in withholdings would imply an improvement in tax collection in the case of soybeans of US$ 513 million, according to agricultural consultant Néstor Roulet, former Secretary of Agroindustry of the Government of former President Mauricio Macri.
«When they close the registry it is because something is coming."Roulet said in a telephone interview with Reuters.
Currently, export taxes on soybeans have climbed to 30%, at a time when Argentina is suffering a notable economic recession, high inflation and is heading towards a sovereign debt restructuring.
«The Government does not want the exporter to make a sworn declaration of the tons to be exported and the price because the retention is set in it. To prevent this from happening, it does not accept new registrations. There are already declarations submitted for 5 million tons of grain."Roulet added.
The consultant estimated that the increase in taxes on soybeans, corn and wheat by 3% will result in a drop in agricultural producers' income of US$714 million.
Source: Reuters
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
