Argentine Congress Extends President's Taxing Powers, Angering Farmers.

MERCO PRESS.

The Senate passed a bill extending President Cristina Fernandez de Kirchner’s ability to set export tax rates for one year.

The Argentine government relies on taxes as high as 35% on exports of soybeans and other agricultural commodities for social programs and infrastructure projects.

“In Brazil there aren’t any export taxes,” said Senator Ruben Giustiniani. “In Uruguay there aren’t any export taxes. This is taking us in exactly the opposite direction from where we want to go.”