ANNOUNCED AS TEMPORARYNo
On 19 August 2013, the government of Venezuela announced an increase in the production subsidies for white and yellow corn, soy, sorghum, rice and sugar cane. Through the amendment, the government aims to increase the income of producers for the winter cycle of the fiscal year 2013 between 77 and 96 percent. The budget for this subsidy was specified as 4.9 billion bolivars (ca. USD 77 million).
Under the new rules, the producers of white corn receive an additional 1.75 bolivars per kilo to the of 2.20 bolivars total that was delivered before 2013.
The producers of yellow corn recieve an additional 1.72 bolivars to the 1.9 bolivars they were recieving before 2013.
The producers of rice recieved an additional 2.13 bolivars per kilo, added to the 2.50 bolivars prior the introduction of the increase.
Producers of soy beans receive an additional allowance of 1.23 bolivars per kilo, added to the initial 5.5 bolivars.
Sorghum subsidies increased from 1.70 to 2.70 bolivars per kilo and a payment of 0.64 bolivars allowance was additionally introduced per kilo, which yields a total of 3.34 bolivars per kilo.
Finally, sugar cane recieved an additional subsidy of 4.36 per kilo of refined product in addition to the 5.04 bolivars of subsidies that were being recieved before 2013.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.
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