Government reduces import tax on 11 products to try to contain inflation

List includes beef, chicken and bakery products; steel import rate was reduced to 4%

Marcos Brindicci / Reuters
Government zeroed beef import tax

THE Ministry of Economy announced this Tuesday, 11th, that it will reduce the import of 11 products with the justification of trying to contain the impact of inflation. The list includes beef, chicken pieces, wheat, wheat flour, corn grains, crackers, biscuits and other bakery and pastry products. All had zero tax. The measure was approved at a meeting of the Executive Management Committee of the Chamber of Foreign Trade (Camex) this morning and is valid until December 31, 2022. “SaWe know that these measures do not reverse inflation, but increase the contestability of markets. So a product that is starting to grow a lot in price, given the greater possibility of importation, businessmen think twice before increasing”, said the executive secretary of the Ministry of Economy, Marcelo Guaranys, at a press conference.

“We are adding new products, for which we have also identified a large price increase in recent months and a possibility of increased competition through the entry of more imported products, trying to push prices down and contain this inflationary movement in the market. country”, explained the executive secretary of Camex, Ana Paula Repezza. The committee also announced a reduction in the import tax rate on two types of steel rebar from 10.8% to 4%, in response to a request from the construction industry. The sulfuric acid tax dropped from 3.6% to zero, and the mancozeb fungicide from 12.6% to 4%

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