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Brazil Introduces ATA Carnets Ahead Of Olympics

by Mike Godfrey, Tax-News.com, Washington

18 May 2016


Brazil has adopted legislation necessary to introduce special customs arrangements for companies and athletes involved in the 2016 Olympic and Paralympic Games.

The law will introduce the ATA Carnet system, which eases requirements on businesses seeking to temporarily export or import goods bound for another territory without incurring taxes or duties.

Specifically, the ATA Carnet – a tool for the temporary duty-free and tax-free admission of goods – removes the need for exporters to provide customs authorities with the otherwise necessary guarantees required for goods to cross borders. Operating like a passport for goods, hundreds of thousands of ATA Carnets are delivered worldwide every year for goods valued at over USD30bn in 2014. Carnets are issued for all kinds of goods, including commercial samples, professional equipment, and goods for trade fairs and exhibitions.

ATA Carnets reduce paperwork and costs for business people by allowing the temporary importation of goods they are carrying tax- and duty-free for up to one year. To benefit from the scheme, the person must be resident in and traveling to a country party to the scheme.

TAGS: tax | business | law | legislation | Brazil | trade

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