Tax exemption for corn imports will be signed by the end of this month

The Minister of Agriculture, Tereza Cristina, confirmed this Tuesday, August 17, that the federal government will exempt the taxation on corn imports by the end of this month.

The measure will have a direct impact on the protein production chain, especially in pig farming, which saw production costs increase by 44% throughout 2020. Corn is the main component of animal feed.

“We are going to exempt federal taxes on corn imports. The Internal Revenue Service has already indicated where it will take the tax waiver and I have the guarantee that the measure will be signed and published by the 30th of this month”, said the minister, during a meeting with the federal deputy and president of the Porcine Parliamentary Front, Covatti Filho (PP-RS), and industry leaders.

See the chart below for a history of Brazilian corn imports by semester since 2018. Data are from DataLiner:

Brazilian Corn Imports (HS 1005) per semester | Jan 2018 to June 2021 | WTMT

Source: DataLiner (To request a DataLiner demo click here)

According to deputy Covatti Filho, if the promise of the Ministry of Agriculture is fulfilled, and the government releases the PIS and Cofins from imported corn, the sector will breathe a sigh of relief again. “The measure restores competitiveness to swine producers, who face serious difficulties with the high cost of production,” he said.

Source: Canal Rural

To read the full original article, visit the link: https://www.canalrural.com.br/noticias/isencao-de-imposto-para-importacao-do-milho-deve-sair-ate-o-fim-deste-mes/

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