Milei announces gradual reduction of soybean export taxes starting 2027

In a significant announcement at the 172nd anniversary of the Buenos Aires Grain Exchange, President Javier Milei unveiled a plan to progressively reduce soybean export taxes. This move, set to begin in January 2027, signals a key shift in agricultural policy under the Milei administration. The reduction, which will range from 0.25 to 0.5 percentage points per month until 2028, is contingent on fiscal revenue performance, a detail that underscores the administration's focus on fiscal discipline.

The current export tax on soybeans stands at 24%, a rate that has already seen reductions. The phased approach to further lowering this tax demonstrates a commitment to providing predictability for producers while ensuring fiscal stability. This policy is expected to be a cornerstone of the government's strategy to invigorate the agricultural sector, a vital engine of Argentina's economy.

This announcement is particularly noteworthy from an Argentine perspective. For years, agricultural producers have advocated for lower export taxes, arguing they hinder competitiveness and investment. President Milei's commitment to addressing this issue, even with a gradual implementation tied to fiscal outcomes, resonates deeply within the farming community. It reflects a broader economic philosophy that seeks to unshackle key industries from burdensome state intervention, a central theme of his presidency. The success of this policy will be closely watched as a barometer for the administration's ability to foster economic growth through deregulation and reduced taxation.

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In this moment I want to announce that we are going to lower the taxes on wheat and barley from 7.5 to 5.5% starting in June 2026. But not only that. It would be unfair if we forgot about soybeans. And, starting in January 2027, depending on how revenue comes in, we are going to lower between a quarter of a point and half a point per month continuously until 2028, if we are re-elected.