Updates with particulars from Guzman presser, financial invoice
Updates with particulars from Guzman presser, financial invoice
BUENOS AIRES, Dec 17 (Reuters) – Argentina’s authorities is searching for a tax hike on agricultural exports and to tax international belongings overseas, the economic system minister mentioned on Tuesday.
In a brand new invoice, the federal government proposed elevating export taxes on wheat and corn to 15% from 12%, Economic system Minister Martin Guzman instructed a information convention. The invoice, dubbed by the federal government the “Social Solidarity and Manufacturing Reactivation” mission, would additionally elevate the tariff cap on soybean exports to 33% from 30%.
The federal government’s proposal, which was despatched to Congress on Tuesday, seeks funds to bolster social spending amid a recession and rising poverty as the brand new administration of President Alberto Fernandez grapples with annual inflation near 55% and an economic system that’s anticipated to contract for a 3rd straight 12 months in 2020.
Along with the modification of taxes to agricultural belongings, the invoice seeks to tax monetary belongings overseas. The acquisition of…