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Brazil Plans Tax Credits For Exporters

by Mike Godfrey, Tax-News.com, Washington

20 June 2014


Brazilian Finance Minister Guido Mantega announced on June 18, 2014, that the government will revive a tax credit program for exporters of manufactured goods.

The program, known as Reintegra, was in place between 2012 and 2013, but was suspended due to the high cost to the government. According to Mantega, the program will be made permanent with the tax credit rate varying from 0.1 percent of foreign sales to 3 percent. This year the rate will be 0.3 percent, and rates for subsequent years will be determined by the government.

The program will apply to the same sectors that were initially covered, but Mantega said the finance ministry would explore the possibilty of adding other sectors.

The finance minister also said that the government will reform a program aimed at making it easier for companies to settle tax debts.

These measures need to be approved by Congress before they can enter into force.

The latest changes follows an announcement from Mantega on June 16, 2014, that investments in the initial public offerings of smaller companies will be exempt from the 15 percent capital gains tax.

TAGS: Finance | tax | investment | export duty | law | Brazil

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