Gecex Confirms Tariff Reductions in Brazil
Brazil is the seventh largest economy, with a gross domestic product (GDP) that represents almost 50% of the Latin American economy, ranking sixth in the world on foreign investment attraction. With a population of over 206 million people, Brazil is among the world's largest markets in sectors such as cosmetics, computer and information technology, energy, aviation, automotive, telecommunications, medical equipment and pharmaceuticals.
On the other hand, Brazil is known for its expensive and complex tariff system. On any good or service fall various taxes in cascade, municipal (by municipality), state (by state) and Union (national character).
But last year ended with such good news. The Executive Committee of the Foreign Trade Chamber (Gecex) published in Brazil’s Federal Register tariffs reduction for several products.
The reduction will be on I.I. (Import Tariff based on the Common External Tariff that applies in Mercosur). This reduction will apply several products from those sectors: chemicals, health, auto parts, machinery and equipment, textile, refrigeration, aluminum, glass, computer and telecommunication goods.
In addition to the huge market itself, actions in this direction will increasingly attract European exporters and investors to Brazil.