The government has approved a new round of import tax cuts. This time, the Ministry of Economy targeted the petrochemical sector, with a reduction in raw materials for the packaging and construction industry.
In total, five industrial inputs will have the tax reduced. The rates will be between 3.3% and 4.4% and will be valid for one year. Before, rates ranged between 9.6% and 11.2%.
The new tariffs were included in the List of Exceptions to the Mercosur Common External Tariff (LETEC). The cut was approved by the Executive Management Committee of the Chamber of Foreign Trade (Gecex) this Wednesday, 3.
The announcement comes a few weeks after the decision by Paulo Guedes’ team to reduce the import tax on thirteen products, including medicines and medical equipment, contact lenses and hops for breweries. In May, the government had already made a round of cuts, reducing the import tax rate on various products by 10%.
The measures are in line with the economic team’s directive to lower barriers to the entry of imported products. It also helps to control inflation, as it allows the arrival of cheaper goods in the country.
Source: CNN Brasil
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