São Paulo – The Brazilian Foreign Trade Chamber (CAMEX), i.e. the foreign trade regulator, has announced this Monday (17) the extension of tax reduction on methanol import. The reduction of the aliquot from 12% to zero was initially due to end on April 4th, but has been extended until October 2nd, up to a quota of 282,500 tonnes.
According to the Ministry of Development, Industry and Foreign Trade (MDIC), which the Camex is tied to, the zero-duty on methanol has been extended due to the domestic supply needs and the importance the product has as an input in different productive chains, such as chemicals, pharmaceutical products, pesticides and biodiesel.
Brazilian imports of methanol totalled US$ 75.5 million in the first two months of the year, an increase of 44% over the same period last year, according to the MDIC.
Camex also kept the zero-duty on the import of fire-fighting vehicles for airports. Originally, the aliquot was 35%, but the product was exempted until March 16th this year, and now the tax break has been extended until March 16th 2015, limited to a quota of 80 units. The goal, according to the MDIC, is to “continue the modernization process and increase security standards in Brazilian airports.”
The Camex has announced the end of exemption for carbon steel plates, whose tax has returned to 12%, as the quota set in the exemption ruling has already been reached.
The Camex has also announced exemption for 430 items in the ex-tariff category. The list includes 404 capital goods, being 277 newly granted and 127 whose tariffs had already been lowered from 14% to 2%, and have been extended; plus 26 computer and telecommunication goods (seven new and 19 renewed) from 16% to 2%. The benefits will remain in effect until December 31st 2015.
*Translated by Rodrigo Mendonça
