ANNOUNCEMENT 28 Jul 2016
The Chilean Government has modified the applicable reductions on the import tariffs of raw sugar and refined sugar.
NUMBER OF INTERVENTIONS
Public Finance Ministry. Ministerio de Hacienda. Decreto Exento 254/2016. Aplica rebajas de derechos de aduana para la importación de azúcar cruda, azúcar refinada grados 1 y 2, y azúcar refinada grados 3 y 4, y subestándares.
On July 28, 2016, the Chilean Ministry of Public Finance passed the Exempt Decree 254 to establish new applicable discounts on customs duties on sugar for a one-month period starting on August 1, 2016. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 188.31 per tonne of raw sugar; USD 303.08 per tonne in refined sugars qualified as Grade 1 or 2; and USD 234.22 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 147.16, USD 252.85 and USD 189.43 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.