Further NCMs temporarily have import taxes waived during pandemic

On July 10, the Foreign Trade Chamber (Camex) approved new rules to eliminate the import tax on products of up to 100 codes of the Common Mercosur Nomenclature (NCM) to avoid any shortage of supply in the national market.

In a meeting of the Executive Management Committee of Camex, the transition and implementation of Resolution Mercosul Common Market Group (GMC) No. 49/19 was defined, which came into force on July 5, replacing Resolution GMC No. 08 / 08 on the topic.

Among the changes, the new resolution is broadened to include 100 NCMs instead of only 45, which are eligible for import tax reductions. In addition, the goods will now have the tax rate reset, replacing the 2% level of the previous rule.

The measure absolves imports of these products from the tax for 12 months.  These are all products that are currently suffering an imbalance in demand and supply due to the COVID-19 pandemic. These imbalances are characterized by the temporary absence of regional production of the good; existence of regional production, but without sufficient supply to meet demand, and the existence of regional production of a similar good, but without the characteristics required by the productive process of the country’s industry.

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