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Brazil May Extend Scope Of Tax Breaks For Electric Vehicles

by Mike Godfrey, Tax-News.com, Washington

20 November 2015


Brazil is considering extending the scope of the recently announced tax break for electric vehicles, the Government said on November 17, 2015.

The Chamber of Foreign Trade (CAMEX) announced at the end of October that the import duty on electric cars and fuel cells has been reduced from 35 percent to zero. The Ministry of Development, Industry, and Foreign Trade (MDIC) is now considering whether to extend the tax break to buses and light commercial vehicles.

The Government also reduced the import duty on hydrogen-powered cars to seven percent.

The MDIC said that the announcement of the tax breaks generated interest among foreign car manufacturers.

The Organisation for Economic Cooperation and Development (OECD) said in a recent report that Brazil should do more to align vehicle taxation with vehicles' and fuels' emissions.

TAGS: environment | tax | interest | vehicle tax | Organisation for Economic Co-operation and Development (OECD) | environmental tax | Brazil | tax breaks | import duty

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