São Paulo – The Brazilian Ministry of Development, Industry and Foreign Trade announced this Friday (30th) the reduction of the Import Tax on frozen sardines from 10% to 2% for a six-month period. The tax break was decided on by the Foreign Trade Chamber (Camex) and is limited to a maximum quota of 30,000 tons. Morocco is one of the world’s leading sardine exporters, and it has sold to Brazil in the past.
According to the ministry, the frozen fish is used for making preserves, and the decision is intended to ensure domestic supplies during the no-fishing period along the Brazilian coast, whose purpose is to guarantee the breeding and preservation of sea life. The item is number 0303.53.00 in the Mercosur Common Nomenclature (MCN).
Camex has also slashed the Import Tax on aluminum phosphide-based insecticides from 14% to 2% for 12 months, up to a quota of 1,250 tons. According to the Ministry of Development, Industry and Foreign Trade, the product is used for pest control in products stored in bulk or in bags.
Brazil imported insecticides of this type from the United Arab Emirates in 2014 and 2013. The sums imported were respectively USD 100,440 and USD 106,683. The product’s MCN number is 3808.91.95.
Another tax break concerns imports of co-polyester resins (MCN 3907.9999) and polymeric MDI (MCN 3909.30.20), from 14% to 12% for a 12-month period. Maximum quotas are 3,200 tons for the former and 52,500 tons for the latter. Both are industry inputs. The tax cuts are part of Camex resolutions 102 and 103, issued this Tuesday on the Federal Official Gazette.
*Translated by Gabriel Pomerancblum
