São Paulo – The Brazilian federal government’s policymaking organization the Foreign Trade Chamber (Camex, in the Portuguese acronym) has decided to lower the import tax on polyester partially oriented yarn from 18% to 2%. The information was published this Friday (18th) in the Official Gazette.
The goal, according to the Brazilian Ministry of Development, Industry and Foreign Trade, is to guarantee that the domestic market is supplied. The product is used as an input in the textile industry.
The tax break, according to the ministry, will remain valid for 180 days, and is limited to a maximum quota of 88,000 tonnes. Last year, Brazil imported the equivalent of shortly over US$ 120,000 worth of polyester partially oriented yarn from Spain and Mexico, as against US$ 52,000 in 2011, according to figures from the ministry.
*Translated by Gabriel Pomerancblum
