ANNOUNCED AS TEMPORARYNo
On 18 December 2014, the Brazilian Foreign Trade Council (Camex) issued Resolution no. 118 decreasing the import tariff on 636 capital goods from 16% to 2%. Out of the 636 capital goods, 291 are new while 345 have been renewed. The measure took effect on 19 December 2014 and lasts until 30 June 2016.
The tariffs were reduced under Brazil's ex-tarifário scheme which allows capital and IT-goods a temporary customs duty exception to the Mercosur Common External Tariff. Such an exception can be invoked in case the good in question has no domestically produced equivalent (see WTO Trade Policy Review).
The measure was introduced simultaneously with Camex Resolution no. 117 which reduces the tariffs on IT goods (see 'Related Measures' or measure Nr.8715).
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