According to the Libyan ambassador in Brasília, Osama Ibrahim Ayad Sawan, cooperation, the strength of the trade balance, and food security were the reasons for his country to exempt Brazil from a new import tax announced.
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Brazil’s Foreign Trade Chamber has approved an import tax exemption for nine types of food, as previously announced by the federal government, along with measures to facilitate the entry of palm oil into the country. The measure is set to take effect on Friday (14).
The Brazilian government announced an exemption from import taxes for a series of food items in a bid to curb inflation. They include olive oil and sardines exported by Arab countries.
Virtual event hosted by the AfroChamber brought together tax and export specialists on Thursday (18). Arab Chamber secretary-general Tamer Mansour was featured.
Countries cut import duties to zero to facilitate the influx of foodstuffs, medicines and individual protection equipment, and forbid exports of goods considered essential during the crisis. Apex-Brazil covered the matter in an online conference and gave some examples.
Price index recorded a year-on-year 1.1% decrease.
Drinks with sugar or other sweeteners will be taxed by 50% starting in the next year in the Arab country. Electronic smoking devices will be taxed by 100%. The government’s goal is to encourage healthy habits among the people.
Federal revenue reached almost USD 32 billion in the month, up 4.7% from a year ago, when the truckers’ strike impaired collection.
Federal government collected USD 28 billion last month, a 0.58% drop over March last year.
State’s government announced a reduction from 25% to 12% in the ICMS aliquot charged on the fuel.
Federal tax collection rose 2% in Brazil last month in comparison to the same period of 2017. It was the highest amount since 2015.
A refund system of the value-added tax on goods and services will be implemented in this year’s Q4.
