untitled design

Government announces temporary 10% cut in Import Tax rates

The government announced on Friday (5) the temporary reduction of 10% in the rates of the Import tax incidents on a large part of purchases made by the country abroad.

The measure will be valid until December 31, 2022 and will cover around 87% of the country’s tariff universe, said the Ministries of Economy and Foreign Affairs in a joint note.

According to the note, the decision was taken under the terms of an article in the Montevideo Treaty of Mercosul, which provides for the possibility of adopting measures aimed at protecting people’s lives and health.

“The use of this device of the TM-80 is justified by the urgent situation brought by the Covid-19 pandemic and by the need to be able to immediately count on an instrument that can contribute to alleviating its negative effects on life and health of the Brazilian population”, says the note.

The government stressed that it remains engaged in ongoing negotiations in Mercosur to promote a comprehensive review of the Common External Tariff.

Reference: CNN Brasil

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular