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09.08.22 17:38

Economics

Brazil cuts taxes on industrial products to preserve the competitiveness

New Decree also further reduces IPI by 24.75% for cars

A new Decree has been issued, allowing a 35% reduction in industrial products tax (IPI) for most goods manufactured in Brazil, while allowing products manufactured in the Manaus Free Trade Zone (ZFM) to remain competitive.

The Decree also reduces IPI by 24.75% for automobiles to balance tax cuts for the automobile sector with tax cuts for other industries. IPI is a federal tax levied on about 4,000 national or imported goods.

The new measures are expected to improve the competitiveness of local industry through lower taxes. And also it will have a positive impact on Brazil's GDP, as reported on the official website of the Brazilian government.

Photo: IStock

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Grigory Karasin

Head of the Russian Federation Council Committee on International Affairs

"More than 40 states are applying for BRICS membership. Every month the number of such countries is increasing. This shows that such a free, flexible form of interaction through BRICS is very attractive"

Kazem Jalali

"We are happy that the Russian Federation is chairing the BRICS framework. We have decided to participate at the highest level in all BRICS events that are taking place in the Russian Federation"