Although from the Government they affirm that at the moment a reduction in withholdings on soybean exports is not being studied, the truth is that the agro-export companies insist that if such a measure is taken it must be “relevant and that it moves the needle to the producer” and that is why they affirm that in order to have the desired effect, the tax should be lowered temporarily “at least 10 points” from the current 33 that the primary sector faces.
As background, in October 2020, in the midst of a pandemic, the Government established a temporary low withholding of three points to accelerate soybean sales, a measure that ultimately failed to achieve its goal and passed practically unnoticed. That is why the agro-export companies point out that if this type of resolution is repeated, it must be a more important loss, something that at the moment does not seem to fully convince the economic team that they could not resign the collection for export duties either.
According to a recent report prepared by the Rosario Stock Exchange, the collection of Export Duties from agribusiness chains slowed down in June, reaching an estimated figure of $85,256 million, the equivalent of US$695 million. This meant a drop of 25% compared to May. According to estimates by the entity, the contribution for export duties during the first half of this year would have reached a total of close to US$4,945 million. Thus, the DEX collection projections are around US$8.93 billion for the entire current year.
In this framework, the Secretary of Agriculture, Matías Lestani, referred directly to the issue in statements to the press, stating that “there is not so much delay” in the liquidations of the sector as shown by the indices but that, in any case, it is about a “normal decision” of the producers. “One strategically sells corn, wheat, soybeans depending on when it suits you. Normally the grain that is most strategically stored is soybeans and so, in that sense, I think what the producer is going to do is sell as needed. go buying supplies for the gross (harvest),” the secretary pointed out.
For his part, in reference to the proposal to lower the withholdings made by the agro-export companies, with the aim of stimulating the sale of soybeans, Lestani indicated that it “will be evaluated by the Central Bank and by the Minister of Economy (Silvina Batakis) which are the areas of interference in that punctually”.
Source: Ambito
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