October 3, 2016 / 9:47 PM / a year ago

Argentina will not reduce soy export taxes until 2018 - president

BUENOS AIRES, Oct 3 (Reuters) - Argentina will not reduce soy export taxes this year or in 2017 as previously announced and will instead reduce the tax by 0.5 percentage points per month from January 2018 to December 2019, President Mauricio Macri said on Monday.

Shortly after taking office in December, Macri eliminated corn and wheat export taxes as part of his plan to revitalize the country’s massive farm sector. He cut the export tax on soy, the country’s main cash crop, from 35 percent to 30 percent, and the government had planned further cuts beginning this year. (Reporting by Luc Cohen and Maximiliano Rizzi; Editing by Cynthia Osterman)

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