Monday, April 16, 2012
Argentina strikes Bunge from grains registry again
Argentina has suspended giant agribusiness company Bunge Ltd from a key government grains registry, accusing the company of tax evasion, the government's AFIP tax agency said today.
This is the second time the trading company has been kicked off the list in the last 13 months due to the investigation.
Absence from the registry poses logistical challenges by restricting the government permissions needed to move grains within the country.
"The AFIP decided to once again suspend Bunge Argentina SA from the grains operators registry after detecting that the company triangulated exportations in a way that allowed it to evade more than $100 million worth of taxes in 2006 and 2007," said a statement from AFIP.
The government also embargoed about $57 million in company assets to help guarantee payment of the money AFIP says Bunge owes, the statement said.
This is the second time the trading company has been kicked off the list in the last 13 months due to the investigation.
Absence from the registry poses logistical challenges by restricting the government permissions needed to move grains within the country.
"The AFIP decided to once again suspend Bunge Argentina SA from the grains operators registry after detecting that the company triangulated exportations in a way that allowed it to evade more than $100 million worth of taxes in 2006 and 2007," said a statement from AFIP.
The government also embargoed about $57 million in company assets to help guarantee payment of the money AFIP says Bunge owes, the statement said.
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