BUENOS AIRES (Reuters) - Argentina will apply a sliding-scale tax to its multibillion- dollar biodiesel exports, President Cristina Fernandez said on Wednesday, modifying a recent tax hike that drew strong complaints from local producers.
The South American country is the world's biggest exporter of biodiesel, made almost entirely from plentiful supplies of soybean oil. Local energy companies are required to sell diesel containing 7 percent biodiesel.
Last month, Argentina raised its levy on biodiesel exports to 32 percent from about 20 percent in a bid to boost domestic supplies and help reduce costly fuel imports.
