Brazil Supreme Court upholds laws that led to downfall of Amazon soy moratorium
RIO DE JANEIRO (AP) — Brazil’s Supreme Court has upheld state laws denying tax incentives to farmers who adhered to the country’s soy moratorium. The court also affirmed the constitutionality of the voluntary agreement. For nearly 20 years, the pact barred the purchase of soy grown on deforested Amazon land. Major grain traders withdrew from […]
Brazil's Supreme Court has upheld laws that stripped tax incentives from farmers who complied with the Amazon soy moratorium, a voluntary pact that prohibited the purchase of soy cultivated on deforested Amazon land for nearly two decades. The court's decision also confirmed the constitutionality of the agreement. In January, major grain traders abandoned the moratorium following the withdrawal of tax benefits for participating companies from top soy-producing states.
Brazil is the world's leading soybean producer, contributing approximately 40% of global production. The Brazilian Association of Vegetable Oil Industries stated that the ruling brings an end to years of legal uncertainty, yet it is unlikely to reinvigorate the moratorium.
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