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The Import Duty Rate for These Products Varied Between 12% and 16% Before the Exemption of Tax Collection for One Year by the Lula Government. The Six Products Announced by Geraldo Alckmin Are Part of National Industry Segments, Along with Medical Products.
The vice president of the current Lula Government, Geraldo Alckmin, recently announced some changes regarding taxes on national industry. According to him, the Foreign Trade Chamber has eliminated the import tax on six products from the industry, namely two types of steel sheets, two types of aluminum plates, models of pulse measurement devices for blood pressure, and radar antennas. The exemption period for these fees is one year and is already in effect in national trade relations.
Geraldo Alckmin Announces Exemption of Import Tax on Six Products from Brazilian Industry for One Year
Since taking office as vice president of the current Lula Government, Geraldo Alckmin has been collaborating with President Lula to carry out the main projects announced during the electoral race in 2022.
Now, the vice president has publicly announced via a Twitter post some new changes made by the Foreign Trade Chamber regarding the importation of certain equipment to Brazil.
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According to him, the agency has eliminated the import tax on six products from the national industry, namely two types of steel sheets, two types of aluminum plates, models of pulse measurement devices for blood pressure, and radar antennas.
“The Foreign Trade Chamber (Res. Gecex 453/23) has today temporarily eliminated the import tax on 6 products: two types of steel sheets; two types of aluminum plates; models of pulse measurement devices for blood pressure and pulse; and radar antennas,” he announced on his official Twitter account.
Prior to this change, the import duty rate for these products varied between 12% and 16%, a considerably high value for the arrival of products from the Brazilian industry.
Exemption of Import Tax on National Industry Products Announced by the Vice President May Contribute to the Brazilian Economy in the Coming Months
The vice president of the Lula Government also stated that the exemption from the import tax on the products will contribute to the national economy.
For Geraldo Alckmin, the measure “provides the industry with savings for the acquisition of these items—especially industries producing value-added items, along with medical products—and directly benefits the end consumer.”
The Foreign Trade Chamber is an agency that primarily aims to formulate, adopt, implement, and coordinate policies and activities related to Brazilian foreign trade, attracting foreign direct investments and investments by Brazilians abroad, in addition to other important points.
Since 1998, with the creation of the Ministry of Development, Industry and Foreign Trade, it has been part of the agency.
Now, in the new Lula Government, the main decisions regarding rates and import taxes on products in the national industry continue to be a major debate with the agency. Geraldo Alckmin’s announcement demonstrates the importance of a good relationship between the agencies for the Brazilian economy.
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