The federal government decided to reduce import tax rates by 10% on various products. The objective is, according to the Ministry of Economy, to reduce the impacts resulting from the pandemic and the war between Russia and Ukraine on the prices of inputs in the productive sector.
Products such as beans, meat, pasta, cookies, rice and construction materials, among other items, will be affected by the measure. In total, 6,195 goods, almost all imported goods, will have a tax reduction. The measure was announced this evening (23), at a press conference by the ministry’s economic team. The reduction is added to another, also of 10%, in November 2021.
“Today’s measure, added to the 10% reduction already carried out 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 of Commerce. Exterior of the ministry, Lucas Ferraz. The validity of this measure has a fixed term and should be in force until the end of 2023.
In the assessment of the government’s economic team, the measure will cause accumulated impacts of R$ 533.1 billion of increase in the Gross Domestic Product (GDP, sum of all goods and services produced in the country), of R$ 376.8 billion in investments, of R$ 758.4 billion in an increase in imports and of R$ 676.1 billion in an increase in exports.
The increases, if confirmed, will result in R$ 1.434 trillion of growth in the flow of foreign trade (sum of imports and exports), in addition to a reduction in the general level of prices in the economy.
