December 13, 2017 / 2:50 PM / 7 months ago

Argentina to levy 8 pct tax on biodiesel exports

BUENOS AIRES, Dec 13 (Reuters) - Argentina will put an 8 percent tax on biodiesel exports starting next year, the government said in its official gazette on Wednesday, just days after the United States accused the South American country of subsidizing the fuel.

The U.S. International Trade Commission (ITC) said this month that biodiesel imports from Argentina and Indonesia harm U.S. producers. It announced that anti-dumping and anti-subsidy duties would remain for at least five years.

According to the decree published in the Argentine gazette, “a harmonization is necessary between the export rights of biodiesel and that of its main raw material, soybean oil”, whose shipments are taxed 27 percent.

The National Biodiesel Board, a trade group representing U.S. producers, petitioned Washington in March to impose the duties, claiming the imports were coming into the United States below the cost of production and undercutting local producers. (Reporting by Maximilian Heath, writing by Hugh Bronstein; Editing by Susan Thomas)

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