ANNOUNCED AS TEMPORARYYes
On January 29, 2016, the Chilean Ministry of Public Finance passed the Exempt Decree 18 to reduce customs duties on sugar for a one-month period starting on February 1, 2016. The new law established different cuts on the ad valorem customs duties. The applicable reduction for refined sugars qualified as Grade 1 or 2 was USD 166.95 per tonne whereas, in the case of refined sugars qualified as Grade 3, 4 and other substandard was USD 109.16 per tonne. The previously applicable discounts were USD 155.43 and USD 108.01 per tonne respectively.
The objective of this decree is to establish a relative margin for internal prices to fluctuate in comparison to the international market.
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