May 22, 2014 / 2:11 PM / in 4 years

Argentina cuts biodiesel export taxes, industry group says

BUENOS AIRES, May 22 (Reuters) - The Argentine government has cut biodiesel export taxes almost in half in an attempt to prop up a sector hit by European Union anti-dumping measures, an industry executive said on Thursday.

External sales taxes are being reduced to 11 percent from 21 percent, the president of Argentina’s biofuel industry group, Luis Zubizarreta told Reuters.

Argentine biodiesel exports plunged last year due to tariffs imposed by the EU.

No government spokesman was immediately available for comment on Zubizarreta’s report of a biodiesel export tax cut.

The South American country, previously the world’s top biodiesel exporter, has complained to the World Trade Organization over the EU move.

The country’s Congress is considering a bill to temporarily eliminate biofuel production taxes. (Reporting by Nicolas Misculin, Writing by Rosalba O‘Brien, Editing by W Simon)

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