The National Government decided to allocate to the public trust fund Argentine Wheat Stabilization Fund (FETA) an amount equivalent to up to 1,3 percentage points of the export duty rate on soybeans and their derivatives.
The measure was formalized through the Decree 288 / 2023 published today (01.06.2023/XNUMX/XNUMX) in the Official Gazette, and aims to stabilize domestic prices of flour and bread.
«An amount equivalent to up to 132 percentage points of the export duty rate on merchandise covered by tariff items of the Common Nomenclature of Mercosur 19, 2022, 1,3, 2304.00.10, 1507.10.00 and 2302.50.00, in all cases containing soybeans, shall be allocated to the Public Trust Fund called «Wheat Stabilizer Fund created by Decree No. 1507.90.11 of March 1507.90.90, 2308.00.00», the decree states.
The tariff items correspond to the main by-products of soybeans: flour and oil.
Likewise, the Ministry of Economy is authorized to establish the percentage points of the export duty rate on the aforementioned goods to be allocated to the Public Trust Fund called "ARGENTINE WHEAT STABILIZING FUND."
This measure will enter into force on the day of its publication and will apply until December 31, 2023, inclusive.
The public trust fund called the "Argentine Wheat Stabilization Fund" was created with the aim of stabilizing the cost of the ton of wheat purchased by Argentine mills.
The State emphasizes that the measure is implemented in order to "mitigate the impact of the situation detailed in the domestic market and comply with the purposes set out in Decree No. 132/22", since "it is necessary to issue this measure urgently in order to determine the resources that the aforementioned Fund must have in 2023, a requirement without which said tool cannot function."
Furthermore, "with the reestablishment of the rates, the temporary modification of the export duties has lost validity, leaving the Argentine Wheat Stabilizing Fund without a source of financing." (Télam)
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.
