LatinNews Daily - 27 November 2023

*Argentina’s customs authority is investigating seven major agribusiness companies in Argentina for allegedly overinvoicing soybean imports from Paraguay. According to state news agency Télam, the investigation reveals improper triangulations where merchandise is imported directly from Paraguay but invoiced through intermediaries in other countries, hollowing out the taxable base of operations and leading to the undue flight of foreign currency from Argentina, with some 3,000 operations under scrutiny. The investigation states that these operations violate article 954 of the customs code, which refers to inaccurate declarations, and may result in hefty fines for the companies involved. The firms under investigation are Argentine companies Aceitera General Deheza and Molinos Agro SA, the Argentine subsidiaries of global agribusiness companies Bunge International (Bunge Argentina), Louis Dreyfus Company (LDC Argentina SA) and Viterra (Viterra Argentina SA), as well as multinationals Cargill and Cofco International. The companies allegedly imported goods to Argentina, processed them, and re-exported them, exploiting temporary import regimes to invoice nearly US$4m more than warranted.