Brasília – This Wednesday (8th), the Brazilian Ministry of Development, Industry and Foreign Trade has announced new import tax cuts for 177 products and 75 extensions. A total of 252 products are covered by the tax break, valid through December 31st, 2015. The measure was authorized by the Foreign Trade Chamber (Camex, in the Portuguese acronym), the Brazilian federal government’s foreign trade regulator.
The lowered rates are meant to encourage investment in production and cover capital goods, computer products and telecommunications products, provided that the imported items are not made in Brazil. The measure enacted this Tuesday has slashed rates from 16% to 2%.
According to a statement released by the ministry, investment in the industries involved amount to a combined US$ 5 billion. The products will be mostly imported from the United States, China, Scotland and Spain.
The imported products will be supplied to projects such as the São Francisco River transfer, Federal Police web portals, construction of medicine manufacturing plants and of an industrial gas plant.
Camex rulings 90 and 91, which include the lists of products, are available on this Tuesday’s Official Gazette, in the following links (in Portuguese)
http://pesquisa.in.gov.br/imprensa/jsp/visualiza/index.jsp?jornal=1&pagina=58&data=08/10/2014 andhttp://pesquisa.in.gov.br/imprensa/jsp/visualiza/index.jsp?jornal=1&pagina=59&data=08/10/2014.
*With information from the ANBA Newsroom. Translated by Gabriel Pomerancblum
