Brazil reduces import taxes on car parts to 2%

The Executive Management Committee (Gecex) of the Foreign Trade Chamber (Camex) of the Ministry of Economy of Brazil reduced taxes levied on the import of 12 auto parts produced internationally by 2%. The measure takes effect on January 1, 2022.

According to the Ministry of Economy, this reduction results from the call to include these products assessed in public consultation, and for which no equivalent nationally produced item was identified. The average rate for these 12 products was 16%.

The resolution also revokes previous acts that have an impact on imported car parts and consolidates in a single normative act the list of products with a 2% reduction in the import tax rate.

According to the government, there are 3,682 products in total, with 3,420 in the list of auto parts destined for production and 262 in the list of auto parts considered capital goods or IT and telecommunications goods.

Source: Agência Brasil

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https://agenciabrasil.ebc.com.br/economia/noticia/2021-12/camex-reduz-para-2-imposto-de-importacao-para-autopecas

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