ANNOUNCEMENT 28 Oct 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 365/2016. 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 October 28, 2016, the Chilean Ministry of Public Finance passed the Exempt Decree 365 to establish new applicable discounts on customs duties on sugar for a one-month period starting on November 1, 2016. The new law established different reductions on the ad valorem customs duties. The applicable discounts were USD 257.72 per tonne of raw sugar; USD 356.29 per tonne in refined sugars qualified as Grade 1 or 2; and USD 297.14 per tonne in refined sugars qualified as Grade 3, 4 and other substandard. The previously applicable discounts were USD 198.45, USD 297.50 and USD 238.07 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.