Brazil’s Foreign Trade Chamber reduces import taxes levied on 13 products

The Executive Committee of Brazil’s Foreign Trade Chamber approved, on July 15, the reduction of the import taxes levied on 13 products, including medicines, medical equipment, ink for printing books, and polypropylene resin, among other items. As a result, the tariffs were either brought to zero or reduced to 2% and 6.5%.

One of the measures approved by the governmental body eliminates the import taxes levied on drugs containing olaparib, a substance used to treat breast, ovarian, and prostate cancers. Also, the same decision makes importing medications containing tiotropium bromide monohydrate and olodaterol hydrochloride – bronchodilators indicated for treating Chronic Obstructive Pulmonary Disease (COPD) – tax-free. The Import Rate for these two items was 8% before, and its reduction was included in the list of items exempt from Mercosur’s Common External Tariff.

The import rates for one endovascular device used to dissolve and eliminate thrombi were reduced from 16% to 0%. The same goes for another device, a robotic-assisted endovascular surgery tool, involving catheters, and coronary and peripheral vascular stents, among other conditions. Both devices are now also exempt from the Mercosur tariff.

 Shortage

To avoid eventual shortages, the committee set to zero the tariffs levied on the purchase of high tenacity polyester yarn, hop extract, sunscreen; and a heart valve prosthesis system, in addition to an electrode fixation system in the skull used to treat Parkinson’s Disease. The rates for these products previously ranged from 8% to 18%.

Also to prevent shortages, three other products had their rates brought to 2%, including black and color book printing inks and silicone hydrogel contact lenses.

Industrial inputs 

Another measure approved was the inclusion of polypropylene resins – code 3902.10.20 of the Mercosur Common Nomenclature (NCM) – in the list of items exempt from the Mercosur Common External Tariff, bringing rates down to 6.5%. Polypropylene resin makes items for various industries, including flexible packaging, grain and fertilizer bags, plastic chairs, toys, household appliances, and vehicle parts, among others.

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