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Paraguay To Cut Taxes On State Oil Company

by Mike Godfrey, Tax-News.com, Washington

16 June 2014


The Paraguayan government plans to reduce the excise tax levied on state-owned oil company Petróleos Paraguayos, according to a statement from the Ministry of Industry and Trade (MIC).

Gustavo Leite, the head of the MIC, pointed out that Petropar is subject to a 30 percent excise tax, while other companies are subject to a 10 percent rate.

Reducing the tax would help alleviate the financial pressure on the loss-making company. The move follows an announcement in March this year that the government plans to inject USD200m into the company to improve infrastructure and attempt to make it profitable.

Petropar aims to add 100 filling stations to its supply network, and have its own fleet of barges by 2015, Leite said.

TAGS: tax | Paraguay | oil and gas

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