Brazil-Cuts-Several-Import-Tax-Rates-3002

Brazil Cuts Several Import Tax Rates

Brazil’s Foreign Trade Chamber (CAMEX) has announced that the ten percent import duty on wheat will be eliminated until August 15, 2014, and duties will be cut for capital goods and electronic goods.

The cut for imported wheat, which came into effect on June 24, is intended to ensure an adequate supply of the commodity during the country’s off-season months. A zero rate will apply until August 15, or until a one-million ton quota is filled.

CAMEX also announced on the same day that two resolutions have been passed that reduce the import duty on 250 capital goods and computer and telecommunications products to two percent.

CAMEX Resolution No. 44 reduced the import duty on 240 capital goods from 14 percent to 2 percent, while CAMEX Resolution No. 43 reduced the rate on 10 computer and telecommunications products from 16 percent to 2 percent. The reduced rates are valid from June 24, 2014, until December 31, 2015.

The import duty reductions are intended to spur growth in selected industries.

Source: http://www.tax-news.com