03-04-2014 02:59 AM | Brazil

Brazil's Congress strikes down soy tax proposal

Brazil's Congress struck down on Wednesday a proposal to impose new taxes on the internal soy market after fierce opposition from the country's agricultural sector.

An amendment to apply a tax known as PIS/Cofins on soybean sales to some domestic buyers had been removed from a bill to simplify taxation of Brazilian companies abroad that was passed by the lower chamber late on Tuesday.

The lower house of Congress decided to separately vote on non-related amendments on Wednesday.
Full Story : Reuters