São Paulo – the Foreign Trade Chamber (Camex, in the Portuguese acronym) has issued a ruling which temporarily lowers the import tax on two products used by the Brazilian industry, so as to prevent an undersupply. The ruling was issued this Friday (5th) on the Official Gazette.
According to the Brazilian Ministry of Development, Industry and Foreign Trade, to which the Camex is linked, the tax has been lowered from 16% to 2% on imports of biaxially oriented polypropylene film, aka Bopp, a material used in package manufacturing and whose Mercosur Common Nomenclature (NCM) is 3920.20.19. The tax break will remain in effect for 180 days and the maximum quota is 960 tonnes.
Brazilian imports of the product amounted to US$ 72.3 million from January to August, as against US$ 73.5 million in the same period of 2011. Countries which ship the product to Brazil include the United Arab Emirates, which sold the equivalent of US$ 1.2 million in the first eight months of 2012, and US$ 3.7 million in the same period of last year.
The same ruling sets forth that the tax will be reduced from 14% to 2% on imports of machinery used at shipyards, registered under NCM 8428.90.90 (other machinery and loading and unloading equipment, etc.). The measure will remain effective for 60 days and is limited to six units.
Imports of said machinery reached US$ 168 million from January to August this year, and US$ 109 million in the same period of last year.
*Translated by Gabriel Pomerancblum
