ANNOUNCED AS TEMPORARYYes
On September 29, 2011, the Chilean Ministry of Public Finance passed the Exempt Decree 793 to establish new applicable discounts on customs duties on sugar for a one-month period starting on October 1, 2011. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 358.56 per tonne of raw sugar; USD 480.74 per tonne in refined sugars qualified as Grade 1 or 2; and USD 407.43 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 342.59, USD 471.91 and USD 394.32 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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