RIO DE JANEIRO, BRAZIL - Car prices in Brazil could fall by 1.4% to 4.1% after the government announced a tax cut for the sector, a measure designed to help the industry recover from the pandemic-induced recession, local industry association Anfavea said Tuesday.
The tax cut, announced in late February, took effect immediately. While most industrial products were reduced by 25%, the automotive sector received a tax cut of 18.5%.
The measure applies to all industrial products except tobacco products.
"The goal is to pass the tax cut on to consumers, but each automaker will make its . . .