Argentina will abolish wheat, corn export taxes, incoming minister says

President-elect Mauricio Macri won the election last Sunday on a platform of wholesale change. He has vowed to end interventionist measures like these taxes that have hobbled growth in Latin America's third largest economy.

"The wheat and corn taxes will be eliminated from the first day, in line with what we promised," Buryaile was cited as saying by Clarin.

"The tax on soy will drop by 5 percent from the start of Mauricio Macri's term," he added. "What we are examining is which methodology we will use."

For years growers in the world's No. 3 soybean exporter have been stung by a 35 percent tax on all international shipments.

The country collects a 23 percent export tax on wheat and a 20 percent levy on corn shipments.

By some estimates, Argentina will have doubled wheat shipments and surpassed Russia and Brazil as a corn exporter by the end of Macri's four-year term, as the abandonment of years-long trade restraints unleashes the full potential of the country's vast Pampas farm belt.

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