May 28, 2008

Brazil considers eliminating grain production taxes

Brazil is considering eliminating production taxes to stimulate the cultivation of beans, rice, corn and other crops, the newspaper O Globo reported, citing Agriculture Minister Reinhold Stephanes.

The government is also planning to set new minimum prices for these crops. The price of a sack of beans should range from BRL 80 (US$48.21) to BRL 90 (US$53.80), up from the current BRL 40 (US$23.9) to 50 reais (US$29.9), Globo cited Stephanes as saying.

The plan will be announced by July, the newspaper said.