Brazil Eliminates Food Import Tax In Fight Against Inflation & More News Here

By Pedro Rafael Vilela

The Brazilian authorities has zeroed the import tax price for seven classes of meals merchandise. The choice was taken by the Foreign Trade Chamber (Camex) which is a part of the Ministry of Economy. It enters into pressure on Thursday and expires on December 31.

Among the merchandise are boneless and frozen beef – whose tax was 10.8 p.c; wheat flour – 10.8 p.c, and grain corn – 7.2 p.c.

The Ministry of Economy has reported that the affect attributable to the tax waiver may attain BRL 700 million ($ 136 million {dollars}) by the tip of the 12 months. There is not any want for tax compensation, as it’s a market regulation tax, not a set tax.

In a press convention on Wednesday, government secretary of the Economy Ministry Marcelo Guaranys stated the aim of the measure is to maintain inflation beneath management.

“We know these measures do not reverse inflation, but they increase the contestability of the markets. When the price of a product starts going up too fast, there is always a greater possibility of importing it. That´s why businessmen think twice before increasing the price so much. This is the logic behind this instrument,” Guaranys stated.

In April, the Brazilian National Broad Consumer Price Index (IPCA), which gauges the nation’s official inflation, stood at 1.06 p.c. It was the best index for April since 1996 (1.26%). According to the federal government´s statistics company IBGE, which calculates the IPCA, inflation within the final 12 months stands at 12.13 p.c.

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