Brazil’s Foreign Trade Chamber has approved an import tax exemption for nine types of food, as previously announced by the federal government, along with measures to facilitate the entry of palm oil into the country. The measure is set to take effect on Friday (14).
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Five types of bars and tubes had their import tariffs increased in Brazil, following a reduction in 2022.
The Egyptian government announced a six-month exemption of import tariffs on products such as poultry, dairy, offal, teas and oils. The measure aims to help the country offer lower prices to its population and could boost Brazilian exports.
The Brazilian government raised the import tariff from 3.8% to 10.8% for 24 months to stimulate the local industry.
Brazil’s president Jair Bolsonaro announced a cut in import tax rates from 16% to 12% on video games, consoles and accessories starting in July.
A decree by the Brazilian federal government withdrew wharfage fees levied on movements inside ports from import tariff calculations. The goal is to make purchases of imported products more affordable.
Import tariffs on food items like rice, beans and biscuits as well as construction materials will be reduced by 10%, aiming to curb inflation.
The reduction comes into force next year for 12 products that are not manufactured in the country.
Brazilian foreign trade chamber Camex zeroed import taxes on medicines for pain relief, sedation, intubation, and artificial respiration products, as well as monitors for ICUs. Now, the number of items to fight the pandemic with zero import duties reaches 628.
The import rate on bikes will drop gradually starting March, from a current 35% to 20% in December.
A study from Brazil’s Institute for Applied Economic Research (Ipea) shows that Brazilians spend an additional USD 34 billion per year on goods and services as a consequence of tax barriers.
