Brazilian Government reduces import tariffs by 10%

Brazilian Government reduces import tariffs by 10%

GECEX Resolution No 353/2022, published on May 24, established a temporary reduction of import tariffs by 10 percentage points for 87% of all products. The measure was unanimously approved in an extraordinary meeting of the Executive Management Committee of the Chamber of Foreign Trade (CAMEX). The measure is in effect from June 1, 2022 to December 31, 2023 lowering further the 10% reduction in import tax put into force since November 2021. The measure has therefore reduced the import tariff for listed products by 20%.

The Brazilian Government announced the measure through a press conference and justified it as another sign of trade opening with the intent of lowering the “Brazil cost”. The initiative also aims to reduce the inflationary pressure caused by the post-pandemic global scenario and the war between Russia and Ukraine. Foreign Trade Secretary Lucas Ferraz estimates that the tariff reduction should impact the average price level with a reduction of 0.5% to 1%.

The published list of products is identical to the list of the previous tariff reduction, published by GECEX Resolution No 269/2021. There are approximately 1,300 products which have not been subject to the tariff reduction, such as textile products, footwear, toys, dairy products and certain products from the automotive sector.

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*With the collaboration of the legal assistant, Ana Clara Apolinario de Almeida.