The Ministry of Economy announced, this Monday (23), a horizontal reduction of 10% in the rates of Import Tax. The announcement was made during a virtual press conference of the folder.
In November last year, the government had already reduced by 10% the rates on the universe of products subject to the TEC (Common External Tariff) unilaterally, without the approval of all Mercosur members, saying there was urgency togivesr with rising prices.
According to Reuters, the initiative, with a range of approx.gives87% of the country’s tariff universe, will represent an additional tax cut.
The executive secretary of the Ministry of Economy, Marcelo Guaranys, the executive secretary of the Chamber of Foreign Trade (Camex), Ana Paula Repezza, and the secretary of Foreign Trade of the Special Secretariat of Foreign Trade and International Affairs, Lucas Ferraz.
Other cuts
In April, the government had already shown its intention to promote a new 10% cut in import tariffs.
THE Ministry gives Economy advocates the gradual opening gives economy and recently implemented cuts in the IPI (Imposto sobre Produtos Industrializados) to increase competitivenessgivesin gives industry in the country and enable the new reduction of the Import Tax.
Initial reduction of 25% in IPI was extendedgives to 35%, preserving products gives Manaus Free Zone. to measuregiveshowever, was judicializedgives and part of its effectiveness is suspended.
In addition to the wide cuts givess tariffs, the government has been announcing reductions for specific areas and products.
*With information from Reuters
Source: CNN Brasil
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