Argentina govt to seek higher export tax on soybean oil, meal

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BUENOS AIRES, Dec 18 (Reuters) - Argentina's government on Monday said it would seek to raise the export tax applied to soybean oil and meal to 33% from a current level of 31%.

Bioeconomy secretary Fernando Vilella said in a video on social media that the measure would be proposed in a bill send to the country's congress.

Argentina is one of the two main world exporters of soybean oil and soybean meal, together with Brazil.

Last week, Argentine farm associations met with officials from the new government of libertarian Javier Milei to discuss a planned tax hike for corn and wheat, with most saying that the measure will hurt local producers.

Milei's government has said it is looking to raise grains export taxes as it seeks funds to help dig out of the country's worst economic crisis in two decades.

(Reporting by Maximilian Heath; Writing by Sarah Morland; Editing by Brendan O'Boyle)

((sarah.morland@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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