Brazil to Lower Import Duties on 417 Capital Goods

According to Feb. 18, 2011 news of Brazilian O Estado de S. Paulo, Brazil has decided to lower import duties to 2% for 417 kinds of import goods, including 408 kinds of machineries and 9 kinds of info-communication products, the list of which has been released on Brazilian official publications.

Duties-cut imports mainly involve capital goods, not domestically produced, but required for investment projects like automobile engine development and cement fittings prefabrication.

Such duty reduction is to be effective, after the governmental analysis of investment projects submitted by private sectors, till June 30, 2012.

The investment projects within the duty reduction will amount to USD 2,132 million by official estimate, focusing on automobiles, printing, and machinery manufacture, their import value now at USD 767.8 million.