Brasília – By the end of this year, Brazilian states and municipalities will get R$ 1.95 billion from the federal government under Auxílio Financeiro para Fomento das Exportações (FEX – Financial Aid to Foster Exports), a mechanism that was put in place in 2014 via the Kandir Act in a bid to offset losses stemming from tax exemptions on exports of basic goods.
The sum will be paid in four installments of R$ 487.5 million each until the end of the year, as per Law #13,166, sanctioned this Wednesday (1st) by president Dilma Rousseff and published this Friday (2nd) on the Federal Official Gazette.
*Translated by Gabriel Pomerancblum
