São Paulo – Brazil’s Ministry of Economy announced this Wednesday (8) that it has lifted import duties on 41 products required in fighting the novel coronavirus, bringing the total list of tax-free items to 177.
The newly added products include two sets of hospital-medical products as well as inputs, components and accessories required in the manufacturing and operation of equipment or items needed against Covid-19. The purpose is to increase availability of products as well as machinery and inputs for domestic manufacturing, thereby bringing down costs for Brazil’s healthcare system. The former import tax rates, which were as high as 26%, will remain ineffective through September 30, 2020.
The first product group includes medicine such as paracetamol, hospital disinfectants, and equipment such as oxygen tanks and cardiac output monitors.
The second group includes facemask and medication manufacturing machinery, as well as inputs for making respirators and lung ventilators – a subgroup whose import rates had mostly been lifted before. Also added are zinc and vitamin D.
The World Bank issued a document on March 30 citing Brazil’s lifting of import rates as an example to be followed in international trade.
Translated by Gabriel Pomerancblum
