Brazil decided to exempt import duties on 628 types of machinery and equipment products, including paper machinery
On May 9th local time, the Executive Management Committee of the Brazilian Foreign Trade Commission made a decision to exempt 628 types of machinery and equipment products from import duties, and the tax exemption measures will continue until December 31, 2025.
The committee stated that the tax exemption policy will allow companies to import machinery and equipment products worth more than 800 million US dollars, and enterprises from industries such as metallurgy, electric power, gas, vehicle manufacturing, and paper making will benefit.
It is reported that among the 628 types of machinery and equipment products, 564 are manufacturing products, and 64 are information technology and communication products. Before the implementation of the duty-free policy, Brazil's import duty on such products was 11%.