Argentine government struggles to extend farm export taxes

Farmers blame taxes for stifling production.

Farmers in Argentina are against the government's move to allow President Cristina Fernandez retain the power to establish farm export taxes without congressional approval, Reuters reported. These extraordinary powers expire later this month.

If passed by the lower house of the Congress, the legislation will move to the Senate for approval.

Argentina is a leading producer of soy, wheat and corn. The country's farmers claim the high taxes on agricultural exports, especially the 35% levy on soy, are stifling production.

The Argentine government says the taxes are the only way they could bring relief to a contracting economy and boost falling tax revenues.

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