Cargill Inc. and Bunge Ltd. are among a long list of grain exporters that owe the Argentine government $951 million in taxes and won’t be eligible for a reduced interest rate under a payment plan unveiled by the government.
Argentina will reduce monthly interest charges to 1.35 percent from 2 percent for some unpaid taxes that were due Feb. 28. The payments can be made in as many as 120 monthly installments, the government said.
“Grain exporters have been excluded as they were disingenuous and therefore don’t deserve a plan to regularise their situation,” Ricardo Echegaray, head of Argentina’s Federal Administration of Public Revenue, (AFIP) said at a press conference in Buenos Aires.
The nation is seeking full repayment with interest from Cargill ($228 million) and Bunge (BG) ($126.3 million).
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| Grain and oilseeds are Argentina's main export |
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