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Argentina Blocks Farm Export Tax

Date: July 17, 2008
Author: Alexei Barrionuevo
QUOTE: In a crushing defeat for Argentina’s beleaguered president, the Senate rejected increases in the agricultural export tax that have caused a farmer rebellion, with the vice president siding with farmers and casting the deciding vote. After nearly 18 hours of debate, the Senate voted, 37 to 36, on Thursday against the system of floating-rate taxes, which the government of Cristina Fernández de Kirchner imposed in March without consulting the Congress. The lower House narrowly approved the system, 129 to 122, after 19 hours of debate.

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