GECEX reduces import tax to increase clean energy production

GECEX (the executive management committee of the foreign trade chamber of the Ministry of Economy) has decided to reduce the import tax rates on products related to energy production. The objective of the measure approved on Nov. 17 is to encourage the diversification of the Brazilian energy matrix from cleaner sources and reduce the production and selling costs of clean energy over the long term.

The measures take effect seven days after publication in the official federal gazette. Thereafter, the import tax rate for solar panels (NCM 8541.40.32) will be reduced from 12% to 6%; for certain types of lithium battery (NCM 8507.60.00), from 18% to 9%; for DC converters (NCM 8504.40.30) it drops from 14% to 7%; and for parts of nuclear reactors (NCM 8401.40.00), the import tax rate will drop from 14% to 0%.

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