Argentina's Federal Administration of Public Revenue (AFIP) has decided to sanction U.S. company Cargill and two cereal companies for alleged 'harmful use of tax havens', 'foreign exchange maneouvers' and 'harmful triangulation', reported newspaper La Nacion.

The AFIP will suspend Cargill, along with companies ADM Argentina and Alfred C. Toepfer from the Grain Traders Register, while the companies will no longer have a 2% deduction for profit taxes, the story reported.

On Tuesday last week the AFIP raided 117 businesses on suspicion of tax evasion, for an amount officials estimated to be worth US$37.24 million (150 million pesos).

Cargill has its corporate headquarters listed in Minneapolis,with a global business that includes agriculture processing and distribution, supplying ingredients and meat to the food manufacturing and services industries, financial solutions and industrial services.

Photo: www.afip.gov.ar

Source: www.freshfruitportal.com