ANNOUNCED AS TEMPORARYYes
On April 30, 2014, the Chilean Ministry of Public Finance passed the Exempt Decree 123 to establish new applicable discounts on customs duties on sugar for a one-month period starting on May 1, 2014. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 125.95 per tonne of raw sugar; USD 208.54 per tonne in refined sugars qualified as Grade 1 or 2; and USD 158.99 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 132.21, USD 224.11 and USD 168.97 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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