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Brazil cuts import taxes on 124 products with no national counterparts
Criado em 04/11/13 18h26
e atualizado em 04/11/13 18h32
Por Stênio Ribeiro
Fonte:Agência Brasil
Brasília – The Brazilian government’s Chamber of Foreign Trade, or Camex, has temporarily reduced the import taxes on 124 products not manufactured in the country. The reduction is to remain in effect up to December 31, 2014.
The tax on closed sound and video circuits for subway networks fell from 16% to 2%. For 119 capital goods, the tax decreased from 14% to 2%. Four other products had their tax reduction renewed by the government.
The cuts in import taxes affect capital goods as well as information technology and telecommunication goods. Their purpose is to lower the price of machinery and equipment imported into the country.
According to the companies that requested the reductions, most of the 124 goods derive from the naval industry (61.24%), beverage production (17.61%) and of capital goods (4.41%), and auto parts (4.21%). Imports are expected to total $136.6 million, with the possibility of approximately $1.3 billion in domestic deals.
These goods are expected to encourage investments, most of which in the construction of a shipyard in the state of Espírito Santo, and a soft drink factory and an auto parts factory in Minas Gerais, with imports from Germany (32.33%), Italy (30.70%), the US (18.12%), China (4.25%) and Spain (3.03%).
Edited by Nádia Franco / Lícia Marques
Translated by Fabrício Ferreira
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