ANNOUNCED AS TEMPORARYYes
On November 27, 2015, the Chilean Ministry of Public Finance passed the Exempt Decree 423 to establish new applicable discounts on customs duties on sugar for a one-month period starting on December 1, 2015. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 66.31 per tonne of raw sugar; USD 139.90 per tonne of refined sugars qualified as Grade 1 or 2; and USD 87.73 per tonne of refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 20.67, USD 117.24 and USD 59.30 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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