Government reduces 10% import tax

On May 23, 2022, the federal government announced yet another reduction of 10% in the rates of Import tax on most of the products purchased abroad.

In this sense, the tax reduction covers, in all, 6,195 tariff codes of the Mercosur Common Nomenclature (NCM), which is equivalent to more than 87% of the country's tariff universe. Thus, more than six thousand goods will be considered, including beans, meat, pasta, biscuits, rice and construction materials.

In addition reduction will begin to be implemented on June 1st and will be valid until December 31st, 2023. As informed by the federal government, this measure aims to “reduce the impacts resulting from the pandemic and the conflict in Ukraine on the cost of living of the population and prices of inputs in the productive sector”. Therefore, the Ministry of Economy also reported that the products on the list had already suffered a partial reduction in November 2021.

At the time, this decision was unilateral, without the approval of the members that are part of Mercosur. “The new reduction was approved at the 1st extraordinary meeting of the Executive Management Committee (Gecex) of the Foreign Trade Chamber (Camex) in 2022, on a temporary basis and exceptional, and will contribute to making almost all imported goods cheaper, directly benefiting the population and companies that consume these inputs in their process productive. The Gecex Resolution, which regulates the measure, will be published in the Official Gazette of the Union tomorrow (05/24)”, announced the Ministry of Economy.

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