ANNOUNCED AS TEMPORARYYes
On February 25, 2016, the Chilean Ministry of pUblic Finance passed the Exempt Decree 61 to establish new applicable discounts on customs duties on sugar for a one-month period starting on March 1, 2016. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 41.81 per tonne of raw sugar; USD 156.92 per tonne in refined sugars qualified as Grade 1 or 2; and USD 87.73 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 76.39, USD 166.95 and USD 109.16 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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