ANNOUNCED AS TEMPORARYYes
On July 28, 2012, the Chilean Ministry of Public Finance passed the Exempt Decree 709 to establish new applicable discounts on customs duties on sugar for a one-month period starting on August 1, 2012. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 194.96 per tonne of raw sugar; USD 347.61 per tonne in refined sugars qualified as Grade 1 or 2; and USD 256.01 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. During the previous month, there were no applicable discounts.
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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