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Paraguay President Will Veto Soya Export Tax

by Glen Shapiro, Tax-News.com, Washington

30 June 2017


Paraguay's President Horacio Cartes has spoken against plans to tax soya exports, saying that the measure would make the country's agriculture sector less competitive.

He said that he would veto plans approved by the Senate days earlier to tax exports of untreated soya at 10 percent.

Initially, the Senate had planned to tax all non-treated grain exports at 15 percent. But following criticism from politicians and the agriculture sector, the legislation would only cover exports of untreated soya beans and the rate has been reduced to 10 percent.

The legislation was backed by 24 senators, with 17 voting against and 3 abstaining.

Proceeds from the tax would have been used to fund health, infrastructure, road maintenance, and agriculture initiatives.

TAGS: tax | Paraguay | legislation

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