Brazil reduces the Import Duty for several machines and industrial equipment
The Brazilian Foreign Trade Chamber (CAMEX) Resolution no. 64 of August 16, 2017, published today, reduced to zero the import duty on several capital goods and IT and telecommunications Goods, previously taxed at the rate of 2%, through "ex-tariffs".
A total of 4,903 "ex-tariffs" in force, with previous rates of 2% (as approved in 2016 and 2017), will now be subject to a zero duty rate. The "ex-tariffs" comprise 4,552 capital goods and 351 IT and telecommunications goods.
The measure benefits imports of products listed in the scope of several previous CAMEX Resolutions, including various equipment for industries in the automotive, food, electronics, packaging and healthcare sectors, among others. CAMEX noted that the new rule applies only to machines and equipment that have not been internalized yet.
The measure is in line with the government's goal of reducing the cost of the productive investment in Brazil to generate more jobs and promote economic growth. Additionally, the Minister of Trade, Marcos Pereira, announced that soon new "ex-tariffs" will come up, which should bring investments in the order of US$ 3.1 bi.
The Resolution enters into force today (August 17, 2017).