Brazil set to make another 10% cut in import tax rates & More News Here

BRASILIA, May 23 (Reuters) – Brazil’s authorities introduced on Monday a brand new 10% discount in the tax price for import items on a big a part of merchandise bought overseas, aiming to cut back inflationary pressures.

The economic system ministry’s tax cut, which covers roughly 87% of the nation’s tariff items, was authorized after a gathering of the Brazilian Foreign Trade Chamber late on Monday.

A supply had beforehand confirmed the data to Reuters.

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“Today’s measure, added to the 10% reduction already made last year, brings the Brazilian tariff level closer to the international average and, in particular, to the countries of the Organization for Economic Cooperation and Development (OECD),” the Secretary of Foreign Trade, Lucas Ferraz, stated in a be aware to the press.

In November final 12 months, the federal government had already unilaterally diminished the widespread exterior tariff (TEC) rates by 10%, with out the approval of all Mercosur members, saying it was pressing to cope with rising costs.

In April, the federal government confirmed its intention to promote a brand new 10% cut in import tariffs.

The nation’s economic system ministry backs a gradual opening of the economic system and just lately carried out cuts in the economic tax (IPI) to improve competitiveness of the nation’s trade and to allow the brand new discount of the import tax.

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An preliminary discount of 25% in IPI was elevated to 35%, preserving merchandise from the Manaus Free Trade Zone. The measure, nonetheless, was taken to court docket and at the moment is partially suspended.

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Reporting by Bernardo Caram in Brasilia
Writing by Carolina Pulice
Editing by Marguerita Choy and Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

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