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Brazil Import Regs.: Tax Incentives for Port Modernization/

Come here to discuss the Brazil's standards of various industry, products registration and import regulations as well as tariff information.

Brazil Import Regs.: Tax Incentives for Port Modernization/

Postby bridgat » Mon Nov 17, 2008 3:40 pm

Recent decision (May 29, 2008) by Brazilian Senate would extend the benefits of "Reporto" provisions for a further three years ending 2011.

Provisional Law #206 of August 6, 2004 (Medida Provisoria #206), specifically, Article 13, provides substantial tax incentives for a fixed period to finance the modernization and expansion of the country’s port infrastructure. Article 13 extends to companies, undertaking the activities associated with this measure, the ability to import machines, equipment and other goods, without local equivalents, exempt from various taxes, including import duties, the industrial products tax (IPI), contributions to PIS and Cofins. The exemption from the ICMS tax is at the discretion of the State Governments. The above exemptions are extended for 5 years from the date of purchase or arrival. It should be also noted that these tax exemptions (IPI and PIS/Cofins) apply as well to purchases of locally-made machines, equipment, and other goods.
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