Argentina on Wednesday (13.12.2017) raised the export tax on biodiesel to 8%, from the current zero rate, in what a qualified source considered a signal to the United States, which recently sanctioned the import of this fuel from the South American country.
According to Decree 1025 / 2017 President Macri's decision will come into effect in 2018.
The measure published in the Official Gazette establishes that "harmonization is necessary between the export duties on biodiesel and its main raw material, soybean oil," whose shipments are taxed at 27%.
At the same time, Starting in 2018, the Argentine government will reduce the tax on soybean oil exports by 0,5 percentage points over two years.
"In recent days, delegates from both countries have talked about finding some kind of alternative and that is why the government is issuing the decree now. It is an opportunity to review the measure in the United States," a source familiar with the talks told Reuters.
Argentina is the world's leading exporter of soybean oil, and until the United States imposed taxes on purchases of its biodiesel, it was a key global supplier of the biofuel.
Source: Reuters
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