Brazil slashes import taxes of 6,195 goods

It is reported that the Brazilian Foreign Trade Commission (CAMEX) approved on Monday the Ministry of Economy's tariff reduction plan, deciding to reduce import tariffs by 10% on most imported goods, valid from June 1, 2022 to December 31, 2023.

The tariff reduction plan covers about 87% of Brazil's tariffed goods, with a total of 6,195 NCM (Mercosur Common Nomenclature Classification) tariff codes. In other words, more than 6,000 commodities are covered, including beans, meat, pasta, cookies, rice and construction materials.

The Ministry of Economy reported that the above-mentioned goods have been reduced by 10% in November 2021. Therefore, by adding the new reduction to the previous reduction, the import tariff on these goods will be reduced to 0% or a total reduction of 20%.

In addition, a total of 1,387 products are excluded from the duty reduction, such as textiles, footwear, toys, dairy products and some automotive products.

The ministry said that the reduction in tariffs will result in an estimated R$3.7 billion (about US$768 million).