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Biofuels Escape Argentina Export Tax
Argentina has increased the export tax on soybeans, soy-based products, and corn, but not on biofuels, according to analysts.
The government raised the export tax on soy from 27.5% to 35%, and the tax on soy meal and soy oil exports from 24% to 32%. However, the export tax on soy-based biodiesel was left at 5%, with a 2.5% tax credit—an effective export tax rate of 2.5%.
The government also raised the tax on corn exports from 20% to 25%, while corn and sugar-based ethanol exports are taxed at an effective rate of 1%.
Argentina is expecting to quadruple biodiesel production next year, and by the end of the decade will be making 10 times the amount it produced in 2007, according to a report by the U.S. Department of Agriculture.
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