RIO DE JANEIRO, BRAZIL - In the first quarter of this year, the federal government announced tax cuts totaling R$47.05 billion (US$10 billion). This is according to a survey conducted by Sindifisco Nacional, an association of tax inspectors of the Internal Revenue Service.
The list of products subject to import tax reductions or exemptions is long, ranging from IPI and VAT rates and jet skis to staples such as roasted coffee, margarine, and sugar.
Tax cuts announced by the federal government in 2022:
- R$20 billion: 25% reduction in IPI rates (tax on industrial products), except . . .
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