Brazil: To curb inflation, government zeros Import Tax on 11 products

Published 2022년 5월 11일

Tridge summary

The Ministry of Economy in Brazil has slashed the tariff on imports of basic food products and civil construction items to zero, as part of efforts to curb inflation. Eleven products, including beef, chicken, wheat flour, bakery items, corn, and steel, are included in the new policy. The reduction in import tax is expected to cost R$ 700 million in tax waivers and will be in effect until December 31, 2022. The ministry acknowledges that while the tariff reduction may not directly address inflation, it is expected to encourage businesses to refrain from increasing product prices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Ministry of Economy reduced the tariff on imports of basic food products and civil construction to zero. The measure was approved by the Foreign Trade Chamber (Camex) this Wednesday (5/11). Altogether, 11 products made the list, such as beef, chicken, wheat flour, cookies and crackers, bakery items, corn and steel. The decrease in the Import Tax rate is an attempt to contain inflation, according to the executive secretary of the Ministry of Economy, Marcelo Guaranys. "These measures do not reverse inflation, but businessmen think twice before raising the prices of products," he declared. See how the rate of the products was: According to the Undersecretary of Intelligence and Foreign Trade Statistics of the Secretariat of Foreign Trade, Herlon Alves Brandão, the reductions are valid until December 31, 2022 and will generate an ...

Source: Metropoles