ANNOUNCED AS TEMPORARYYes
On October 28, 2016, the Chilean Ministry of Public Finance passed the Exempt Decree 365 to establish new applicable discounts on customs duties on sugar for a one-month period starting on November 1, 2016. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 257.72 per tonne of raw sugar; USD 356.29 per tonne in refined sugars qualified as Grade 1 or 2; and USD 297.14 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 198.45, USD 297.50 and USD 238.07 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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