ANNOUNCED AS TEMPORARYYes
On October 27, 2015, the Chilean Ministry of Public Finance passed the Exempt Decree 325 to establish new applicable discounts on customs duties on sugar for a one-month period starting on November 1, 2015. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 20.67 per tonne of raw sugar; USD 117.24 per tonne in refined sugars qualified as Grade 1 or 2; and USD 59.30 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 87.58 and USD 23.67 per tonne for refined sugars qualified as Grade 1 or 2 and as Grade 3, 4 and other substandard while there was no applicable discount on raw sugar.
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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