Tuesday, January 29, 2013
Noble: Grp was suspended from Argentina’s Grains Register for an investigation into unpaid taxes, a local tax agency official said. Noble was removed from the register because of an undisclosed amount of false invoices and potential use of third-party accounts. While suspended, Noble must pay a tax rate of 25% to export grain, up from a previous 10%. Noble Argentine unit President said in an interview that the grp have no comments to make as they are buying grains and exporting grain as they do in any other business day.” Argentina’s tax agency, known as AFIP, last year said four of the South American country’s 10 biggest exporters and grain and soybean processors underpaid taxes and it would pursue full repayment. The Noble exports between 4m and 5m mt of grain from Argentina annually, Romero said. The country’s total grain production was 90.9m tons for the 2011/2012 season. Bunge, Argentina’s second-biggest exporter, was suspended on Oct. 1 and excluded on Oct. 26 because of unpaid income taxes since 2006. Bunge remains suspended from the register. Note that Argentina is the world’s largest exporter of soy oil, the second-largest of corn and third of soybeans. We note that Noble’s oilseed crushing plant, is situated at the port terminal of Timbúes in Argentina’s Santa Fe province, capable of producing 2.7m / mt of soybean oil, meal and pellets annually, the facility is a key contributor to Noble’s network of strategic crushing facilities, providing, substantially adding to Noble’s competitive advantage in worldwide oilseeds distribution.