Argentina Excludes Bunge From Cereals Register, Gazette Says
Bunge Ltd. (BG), Argentina’s second- biggest exporter, was excluded from the Cereals Register by the Argentine government amid a tax probe, the Official Gazette said today, without elaborating.
Being excluded will postpone Bunge’s readmission later, a tax agency official who asked not to be identified because of the agency’s communications policy, said in a telephone interview from Buenos Aires.
Bunge’s local subsidiary was suspended from the register Oct. 1, forcing the company to pay a tax rate of 25 percent to export grain, up from a previous 10 percent. Argentina’s tax agency said then it was investigating Bunge because of unpaid income taxes since 2006.
Argentina’s tax agency, known as AFIP, last year said that four of the South American country’s 10 biggest exporters and cereals and soybean processors underpaid taxes. Cereal-producing companies use the register to expedite exporting and reduce export taxes.
Argentina is the world’s largest exporter of soy oil, the second-largest of corn and third of soybeans.
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