BUENOS AIRES: Argentine President Mauricio Macri said Monday that his government will eliminate export taxes on some agricultural products, dismantling one of his predecessor’s key economic policies.
Mr. Macri said that export taxes would be eliminated for corn, wheat and meat, while his government would reduce taxes for soybean exports.
Mr. Macri said that the measure would boost agricultural production. The government is also hoping that the sale of the grains will provide it with much-needed dollars to bolster its rapidly dwindling central bank reserves.
The export taxes were a critical economic policy during the administrations of former president Cristina Kirchner and her late husband, Néstor Kirchner, during the past decade.
The export tax on soybeans will drop to 30% from 35%. The Kirchner administration used the tax revenue to fund expansive social programs, something the Macri administration has pledged to continue.
Mr. Macri, the former business-friendly mayor of Buenos Aires, replaced Mrs. Kirchner last week after winning a second-round runoff vote in November.
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