In Hawaii, the governor says he’ll veto a bill passed by the state legislature repealing the tax credit on biofuels because it would eventually be found unconstitutional. Another move made to limit ethanol tax breaks had already been found unconstitutional, contravening the U.S. Constitution’s Commerce Clause. The current policy offers up to $4.5 million in […]
In Australia, the government has agreed to phase in an excise tax on biodiesel equivalent to 50% of the full diesel rate over 15 years, starting with zero tax in 2015/16 through to 2030/31. Last year it was planned the excise rate would rise over five years but that has been scaled back. The plan […]
In Argentina, the government cut the biodiesel export tax for May by more than a quarter to 9.8%, down from the startling 13.2% it set for April. The April export tax was nearly triple the average seen in previous months, with May’s still nearly double what was experienced through much of the past year. The […]
In Argentina, the government nearly tripled its export tax on biodiesel for April, shooting up to 13.2% compared to 5% in March. The industry celebrated the lower tax in March that was lower than the 8.9% in February, expecting low taxes to remain a trend to help support the fuel’s competition against falling fossil fuel […]
In the Czech Republic, the country’s finance minister has announced an end to biofuel tax subsidies from July following political attacks claiming he was personally benefiting from the subsidies via his agribusiness investments. Between two of the minister’s companies, they have supplied 55% of the country’s biofuel blending needs.
In Malaysia, the country announced it will introduce a 4.5% export tax on crude palm oil exports in April, while Indonesia is expected to follow suit. Malaysia dropped the export tax in September, since when exports of CPO have soared 21% while exports of refined oil have fallen 15%. The Rotterdam price for CPO is […]
In Brazil, the Brazilian government’s decision to raise taxes on gasoline and diesel is positive for sugar and ethanol (S&E) companies but will not materially alleviate the financial stress of these companies in 2015, according to Fitch Ratings. The new taxes should allow ethanol producers to increase prices, but the positive impact on the EBITDA […]
In India, the country’s transport minister is so serious about promoting biofuels and eliminating fossil fuels for vehicles that his ministry is exploring tax breaks for biofuel production as well as for vehicles that run on biofuels. The government is preparing to issue fuel standards for E85 and ED95. He has made an open call […]
In Iowa, Casey’s General Stores, Inc announced that it will revise its financial statements for fiscal years 2012, 2013 and 2014 and the first quarter of fiscal year 2015, due to an inadvertent accounting and reporting error that occurred during these periods. The revision is related to the treatment of the excise tax on ethanol […]
In Brazil, the government has suspended the PIS / PASEP and COFINS taxes lobbed on biodiesel feedstock sales in an attempt to boost the sector. The suspension applies to cooperatives producing the feedstock as well as processors and companies that store and market feedstocks.
