Brazil’s trade chamber, Camex, has unanimously decided to eliminate import taxes on certain food products to combat food inflation. The tax exemptions, estimated to cost 650 million reais, take effect immediately and will continue until prices stabilize. Items included are boneless beef, coffee, corn, and olive oil.
Brazil’s trade chamber, Camex, has approved the removal of import taxes on specific food products in an effort to mitigate food inflation. This unanimous decision was confirmed by Vice President Geraldo Alckmin during a press briefing in Brasilia. Alckmin emphasized that these measures are intended to temporarily reduce food costs at this critical time for the economy.
The new tax exemptions will take immediate effect and will remain until such time as food prices stabilize. Alckmin estimated that the financial impact of these exemptions could amount to approximately 650 million reais (about $112.07 million) if sustained for one year, although he anticipates a shorter duration.
The exemption list includes food items such as boneless beef, roasted coffee, coffee beans, corn, olive oil, sugar, cookies, pasta, and sardines. The Camex, operating under Alckmin’s ministry, manages the government’s trade policies and guidelines related to food imports.
In conclusion, Brazil’s decision to eliminate import taxes on select food products represents a significant effort to address food inflation. The measures, aimed at alleviating costs for consumers, are expected to have a financial impact of around 650 million reais. By enacting these temporary tax exemptions, the government seeks to stabilize food prices effectively during challenging economic circumstances.
Original Source: money.usnews.com
