Brazil stops port charges on tax bill to cut imports By Reuters

© . A ship is loaded with containers at a cargo terminal in the port of Santos, in Santos, Brazil, Sept. 16, 2021. REUTERS/Carla Carniel BRASILIA () – The Brazilian government plans to exclude port charges from tax calculations to reduce import costs , three sources at the Commerce Department told , in a move backed by the country’s industry lobby. At the same time, the government is considering lowering the tax on freight transport, two officials said. The measures were prompted by the rise in raw material prices and higher shipping costs as a result of the war in Ukraine. The costs of unloading containers and moving goods within port areas form the basis for the calculation of import and other taxes such as the IPI industry tax, the ICMS state tax and the PIS/Cofins sales tax. The three sources who participated in drafting the measures did not provide details of their tax costs to the Treasury, but said they were very low. The Ministry of Economy said it would not comment on the planned changes that could be applied in a few days. The National Confederation of Industry (CNI), Brazil’s main industry lobby, said in a 2020 survey that ending the inclusion of port charges in importers’ taxes could add 134.5 billion reais to the economy over 20 years by reducing the cost of imports. increase trade flow and direct investment. in the country. Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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