Brazil Reduces Import Tax on Capital Goods, IT and Telecommunications Goods, Basic Food Products, and Ethanol

Brazil's Ministry of Economy has issued a release announcing an additional 10% reduction in the import tax of products defined as Capital Goods (BK) and IT and Telecommunications Goods (BIT). The additional 10% reduction in the rates on BK and BIT products, which covers a total of 949 tariff codes, is meant to increase the productivity and competitiveness of the Brazilian economy by reducing the costs involved in importing strategic products. The reduction is in addition to the 10% reduction…