The Mauricio Macri government has increased biodiesel export taxes to 15 percent.
The government had in December eliminated the Kirchner administration’s withholding tax system on biodiesel and export duties, which rose from zero to eight percent in January.
The measure is designed to “continue moving toward convergence” between export duties on soybean oil and biodiesel, according to the government's Official Gazette.
Like soybean export duties, the export duties on soybean oil have declined in recent times because of a 0.5-percent monthly reduction since January.
The new tax measure for biodiesel will come into effect from July 1.
The US market remains closed for Argentine exports and an investigation is underway in Europe into supposed subsidies on the Argentine product.
Between January and March, exports to Europe, Canada and Peru totalled 320,000 tonnes.
The increase in biodiesel taxes comes amid rumours the government had been looking at blocking a reduction in soybean export taxes, which is currently set at 27.5 percent.
-TIMES
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