Brasília – In order to help ward off inflation, the Brazilian government decided to lift the 10% Import Tax on beans, as per a communiqué released by the Brazilian Ministry of Development, Industry and Foreign Trade. White beans are not covered.
The measure, taken by Brazil’s Foreign Trade Chamber (Camex), is temporary: it becomes effective this Monday (24th) and will remain in force until November 30th, according to the Camex Resolution # 47/2013 issued on the Official Gazette. According to a communiqué from Camex, the “tax break is designed to facilitate imports, increase the supply of beans in the Brazilian market and lower the product’s price, because domestic output has declined and there is no perspective of an increase in domestic supply.”
The tax break was enacted through the inclusion of two NCM codes, which concern beans, on the Brazilian List of Exceptions to the Mercosur Common External Tariffs (Letec). The choice was based on “the pressing need for the bean import rate to be lowered,” reads the communiqué.
*Translated by Gabriel Pomerancblum
