ANNOUNCED AS TEMPORARYNo
Tax or social insurance relief
On July 5, 2012, the Government of Brazil, announced the exemption of the Tax on Industrialized Goods (IPI, for its acronym in Portuguese) applicable to certain types of motor vehicles for the transport of ten or more persons.
According to three decisions (Ato Declaratório Executivo) published on 5 July 2012, these types of vehicles from the companies Volkswagen, Mercedes-Benz, and Ford Motor Company will be exempted of the IPI rate. This measure discriminates against other foreign companies that compete with the three beneficiaries of this measure.
Following producers and products are affected:
The products subject to the tax reduction are classified under the following item of the MERCOSUR´s Harmonized Tariff: 8702.10.00.
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