Argentina approves economic emergency project with increase in rates on agricultural products


The Argentine Chamber of Deputies approved this Friday morning (20) a so-called package of emergency measures. It establishes increases in more than ten taxes, in addition to measures to be applied to pensions. The “withholds” of agricultural products also passed.

President Alberto Fernández's government project had 134 votes in favor and 110 against.

The Argentine press highlights that the “retentions” took longer to discuss. The project provided for an increase in the export rate for soybeans to 33% and for corn, wheat and other products to 15%. For approval, a compensation mechanism for small producers and cooperatives was established by parliamentarians.

Furthermore, a request for segmentation was also incorporated into the text, with differentiation between producers by geographic areas, access to ports and capacity. With these highlights, the increase was approved.

“We have the necessary votes to approve the project in its current version. But we want to build trust among everyone and for no one to doubt our sincere purposes. United in the debate, we will face Argentina,” Fernández said on Twitter shortly before the package was approved.

Reflections to Argentine producers

Agribusiness entities in Argentina are already demanding details about the promise of compensation to small producers and cooperatives following a decision in the Chamber of Deputies.

The Buenos Aires Grain Exchange, for example, highlights that among other effects, the “retentions” in the 2020/21 cycle will lead to a drop of up to 845 thousand hectares in the country’s grain area.

Source: DATA
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