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Pharmaceutical Factory Opens In Manaus Free Zone

by Mike Godfrey, Tax-News.com, Washington

28 August 2014


A pharmaceutical factory was opened in the Brazilian Free Economic Zone of Manaus (SUFRAMA) on August 25, 2014, according to an announcement from the Brazilian government.

The factory, the first of its kind in the free zone, is part of a drive by the Ministry of Health to promote investment in the country's healthcare sector and increase capacity for the production of medicines.

Brazil recently enacted a law extending the validity of the tax incentives of the Free Trade Zone of Manaus, located in the northern state of Amazonas, to 2073 from 2023. The free zone is home to around 600 high-tech companies in the electronics, IT, and vehicle production sectors.

The zone offers a number of tax incentives, including: ICMS (regional value-added tax) rebates; import duty exemptions or reductions of up to 88 percent; export duty exemptions; exemptions from the tax on industrialized goods; and exemptions from social security contributions, among others.

The new factory is expected to create around 500 direct jobs and 2,000 indirect jobs.

TAGS: tax | investment | tax incentives | export duty | law | social security | Brazil | import duty | trade | free trade zone

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