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Australian govt to ensure tallow biodiesel receives tax benefits(Asia In Focus Via Thomson Dialog NewsEdge)CANBERRA, March 31 Asia in Focus - The government is to legislate to ensure biodiesel made from animal fat receives the same favourable tax treatment as biodiesel produced by other processes, Prime Minister John Howard announced today. Mr Howard said biodiesel and fuel ethanol were subject to excise but were effectively tax free until July 1, 2011. * He welcomed an announcement by BP AUSTRALIA today that it had signed contracts and a memorandum of understanding (MOU) for the production and supply of more than 200 megalitres of biofuels a year by 2008. * "To further support the biofuels industry, I am pleased to announce that the Government will amend relevant legislation so that biodiesel made from tallow using new technology, that does not form esters, receives the same favourable tax treatment as biodiesel made by existing esterification processes," he said in a statement. SUMMARY Australian gov't to ensure biodiesel from animal fat receives the same tax treatment as that from other processes ASIA IN FOCUS 31-03 1726 |