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30.05.24 11:18

Economy

Lula signs law incentivising tax breaks and modernisation of Brazilian industrial park

The programme is also designed to help boost companies' cash flow⁠

President Luiz Inacio Lula da Silva has signed a law providing tax incentives for the modernisation of Brazil's industrial park. This is reported by Brasil 247, a partner of TV BRICS.

“In practice, this will incentivise the modernisation of Brazil's manufacturing and industrial park, improving competitiveness, productivity and energy efficiency,” Lula explained.

According to Vice President and Minister of Development, Industry, Trade and Services Geraldo Alckmin, the programme aims to improve the country's industrial efficiency as well as attract investment. The programme is also designed to help increase companies' cash flow and the so-called gross fixed capital formation, which measures future production capacity through the acquisition of equipment.

The measure could increase investment in Brazil by R$20 billion (US$3,8 billion) by 2024. Machinery and equipment used by Brazilian industry last an average of 14 years, and 38 per cent of them are close to or have already exceeded their ideal service life.

According to the law, the government is authorised to use the accelerated depreciation tool to encourage economic sectors to invest in new machinery, equipment, appliances and tools. The measure will apply to purchases made before 31 December 2025.

Photo: iStock

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