Brazil Cuts Import Tariffs

by Mike Godfrey, Tax-News.com, Washington

10 August 2010

Brazil has eliminated import duties on aircraft, flight simulators and all kinds of aeronautical equipment and spares. It has made further temporary import tariff reductions on some capital goods.

The measures were formalized into law by Camex (Board of Trade) resolutions 55 and 53 respectively. The aeronautical industry tariff eliminations were originally part of a Mercosur agreement but have been extended to imports from any country.

Resolution 55 provided for a temporary reduction of import duty from 14% to 2% on 410 capital goods items, where there is no domestic competition, and included IT and telecommunication products. The reduction, which became operative under the “ex-tarifário” system, is due to expire on June 30, 2012.

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Tags: law | aviation | telecoms | tariffs | Brazil | import duty

 






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