Brazil votes to extend import tax reduction on medicines and food items

Until March 31, more than 600 products, including medicines, food items, and inputs to combat COVID-19, will continue paying less to enter the country. The Executive Management Committee (Gecex) of Brazil’s Foreign Trade Chamber (Camex) extended, for three months, the special tariffs levied on these types of products.

The Ministry of Economy stated in a note that these decisions are intended to give the elected government enough time to assess the size and impact of the measures and decide on the feasibility of maintaining external tariffs. According to the government body, the decisions were made on a temporary and exceptional basis due to the pandemic, the international shortage of inputs, and the global rise in food prices.

The measure was approved on the 19th but only made public on the 23rd by the Ministry of Economy. Camex also extended, until the end of March, the reduction to zero of the Import Tax levied on ethanol and foods such as beef, chicken, coffee, wheat, corn, wheat flour, soy oil, crackers and biscuits, pasta, and sugar.

Inscribed on the List of Exceptions to the Common External Tariff of Mercosur (Letec), these products currently enter Brazil without import tariff. The zero rates will be valid until January 31 for ethanol and March 31 for other items.

Chaired by the Ministry of Economy and composed of representatives of the Presidency of the Republic and the Ministries of Foreign Affairs and Agriculture, Gecex is the collegiate executive heart of the Foreign Trade Chamber (Camex). Among the duties of Gecex/Camex are the definition of import and export tax rates, the establishment of trade defense measures, and the internalization of rules of origin for trade agreements.

Source: Hoje em Dia

To read the full original article, please access: Redução de imposto para importação de medicamentos e alimentos é prorrogada

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