Federal Government Reduces Import Tax Rate on Traded Goods by 10%

Written by Fabio Lucas Carvalho

Published on 24/05/2022 at 13:51

Be the first to react!

Federal Government Measure Aims to Try to Reduce the Price of Goods in the Country Amid Inflation and Dollar Appreciation

On last Monday (05/23), the Federal Government reduced the import tax rate by another 10% for more than 6 thousand tariff codes of the Common Nomenclature of Mercosur, also known as NCM. The government measure will impact goods such as meat, beans, pasta, cookies, rice, construction materials, among other goods that are part of the Common External Tariff.

The items had already benefited from a 10% reduction in November last year, according to resolution Gecex No. 269/2021. Taking the current measure into account along with the previous one, about 87% of the NCM tariff codes have been reduced to 0% or reduced by 20%. The Executive Management Committee (Gecex) approved the new measure at its first extraordinary meeting. The measure was approved exceptionally, valid until December 31, 2023.

What Are the Benefits of the Measure?

With inflation rising and money becoming increasingly tight for the population, the measure aims to reduce the cost of almost all imports made by individuals and companies. As a result, the trend is for the prices of these products to also decrease in the domestic market.

ARTICLE CONTINUES BELOW

Impact of the Measure on the Economy

The Federal Government stated that the measure is a way to alleviate the negative consequences of Covid-19 on the country’s economy. The conflict involving Ukraine and Russia was also taken into consideration. Lucas Ferraz, Secretary of Foreign Trade, noted that the measure brings Brazil to a level similar to that of countries that are part of the OECD.

“Today’s measure, combined with the 10% reduction already made last year, brings the Brazilian tariff level closer to the international average and, in particular, to the countries of the Organization for Economic Cooperation and Development (OECD),” said the secretary.

The Secretariat of Foreign Trade (Secex) of the Ministry of Economy believes that the reduction of import tax will generate a chain reaction that will increase investments, imports, exports, and jobs in the country.

Chamber of Deputies Debates Ways to Reduce Fuel Prices

Another way to try to minimize the impacts of the economic crisis on the wallets of Brazilians is to reduce fuel prices. The Chamber of Deputies is studying a bill that aims to limit the ICMS rate to 17%. The bill is quite controversial, as it could cause a billion-dollar shortfall in municipal revenues.

Federal Government Reduces Import Tax Rate on Traded Goods by 10%

Federal Government Measure Aims to Try to Reduce the Price of Goods in the Country Amid Inflation and Dollar Appreciation

What Are the Benefits of the Measure?

Impact of the Measure on the Economy

Chamber of Deputies Debates Ways to Reduce Fuel Prices

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

Under nearly 2 kilometers of ice in Antarctica, scientists have discovered an ancient landscape sculpted by rivers up to 60 million years ago, the size of Wales, preserved as a time capsule that could help predict the advance of ice towards the ocean.

She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

For the economist José Kobori, the USA gained a trump card to “blackmail” Brazil and undermine China’s influence by classifying the PCC and Comando Vermelho as terrorists, increasing the power to pressure companies, banks, and even Pix.

BYD Atto 2 DM-i flex prepares to debut in Brazil with a plug-in hybrid engine, national assembly in Camaçari, competitive pricing, and targets Creta and T-Cross in a battle that promises to heat up the compact SUV market.

Processors can become 1,000 times faster with a new device that uses light pulses, operates in 40 picoseconds, and reduces the heat that stalls data centers.

Noise in the sky frightened residents: NASA confirms that a meteor exploded over New England with a force equivalent to 230 tons of TNT

The paycheck that seemed impossible: São José employee receives R$ 7.94 after legal strike, while deductions by the City Hall affect over a thousand employees and become a target of inquiry in the City Council.

Federal Government Reduces Import Tax Rate on Traded Goods by 10%

Federal Government Measure Aims to Try to Reduce the Price of Goods in the Country Amid Inflation and Dollar Appreciation

What Are the Benefits of the Measure?

Impact of the Measure on the Economy

Chamber of Deputies Debates Ways to Reduce Fuel Prices

A giant printer called the “Ferrari” of concrete has landed in Latin America and can already build a 120-square-meter house in just 48 hours, making the traditional construction site look like something from the last century.

Brazil will harvest a record crop of up to 357 million tons of grains, but it does not have the capacity to store a large part of it. The storage deficit has reached the highest level in history and is equivalent to almost the entire production of Argentina.

Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

Under nearly 2 kilometers of ice in Antarctica, scientists have discovered an ancient landscape sculpted by rivers up to 60 million years ago, the size of Wales, preserved as a time capsule that could help predict the advance of ice towards the ocean.

She started by collecting oyster shells from restaurants and today she has already accumulated more than 10 tons to restore reefs, recover coastal habitats, and demonstrate how a common waste can become a tool for ocean conservation.

SpaceX will dock a $843 million vehicle to the International Space Station to push a nearly 420-ton laboratory against the atmosphere and make the debris fall in a controlled manner into the ocean.

For the economist José Kobori, the USA gained a trump card to “blackmail” Brazil and undermine China’s influence by classifying the PCC and Comando Vermelho as terrorists, increasing the power to pressure companies, banks, and even Pix.

The labor shortage has changed its face in Brazil: companies hire 80% more, but workers stay only 6.8 months in the job, the service market becomes a “revolving door,” and businesses spend increasingly more to train teams that soon leave.

Chinese giant chooses SC to set up its first factory in Brazil, investing R$ 250 million and producing MRI machines costing R$ 10 million each, with 100 direct jobs and 5% of revenue allocated to research.

After selling a unit for R$ 115 million to pay off debts, a traditional factory in SC founded in 1932 has a new R$ 64.8 million plan denied by the court and retains about 690 workers in Joinville.

Use of slimming pens skyrockets in Brazil, surpasses the global average, and causes unexpected changes in consumption habits, diet, beauty, and the wellness market.

For the economist José Kobori, the USA gained a trump card to “blackmail” Brazil and undermine China’s influence by classifying the PCC and Comando Vermelho as terrorists, increasing the power to pressure companies, banks, and even Pix.

BYD Atto 2 DM-i flex prepares to debut in Brazil with a plug-in hybrid engine, national assembly in Camaçari, competitive pricing, and targets Creta and T-Cross in a battle that promises to heat up the compact SUV market.

Processors can become 1,000 times faster with a new device that uses light pulses, operates in 40 picoseconds, and reduces the heat that stalls data centers.

Noise in the sky frightened residents: NASA confirms that a meteor exploded over New England with a force equivalent to 230 tons of TNT

The paycheck that seemed impossible: São José employee receives R$ 7.94 after legal strike, while deductions by the City Hall affect over a thousand employees and become a target of inquiry in the City Council.