Brazil’s government to further cut import duties to contain prices

RIO DE JANEIRO, BRAZIL – The government is considering a new round of import tax cuts. The idea is to make a general cut of 10%. And the zero rate for 11 products, including food and construction items. This is to curb the rise in prices.

It is possible that the decision will be made at the Gecex (Foreign Trade Chamber Administrative Committee) meeting on Wednesday (11). The cut is proposed by the Ministry of Economy.

Gecex also includes representatives of the Ministry of Foreign Affairs and the Presidency of the Republic.

In March, Gecex decided to set tariffs on six food products at zero. Now the list of exempted products is to be expanded.

In November 2021, the government reduced the import tax by 10%. It is proposed to make a new cut in the same proportion.

The general reduction ideally requires alignment with Argentina, Uruguay and Paraguay, the other Mercosur countries, as the change affects the Common External Tariff (CCT).

The Ministry of Economy is ready to defend the reduction, even if there is opposition from the other Mercosul countries.

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