Sunday, March 22, 2009

Argentina's Provinces to Share in Soy-Tax Revenues -- Latin American Herald

Argentina is creating a Solidarity Fund according to the Latin American Herald, in this article.

BUENOS AIRES – The Argentine government said on Thursday that the country’s provinces and municipalities will receive 30 percent of the revenue from a controversial tax on soy exports.

President Cristina Fernandez announced the plan in a meeting with governors and mayors at her official residence on the outskirts of Buenos Aires.

She told them she signed a decree enabling their jurisdictions to “co-participate” in the proceeds of the levy on soy exports that has sparked a year-long battle between her government and Argentina’s powerful agribusiness interests.

Fernandez said provincial administrations would share 30 percent of a “solidarity fund” financed from the 35 percent tax on exports of soy.


las malvinas said...

What took President Kirchner so long to come up with a compromising agreement such as that? It makes logical sense, especially since there are many provinces that are totally neglected by the "portenio" bubble. I just hope the provinces use this extra revenue for schools and infrastructure, not to fill their pockets.

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