ANNOUNCEMENT 22 May 2012In May 2012, the government of Brazil announced a change to the import-specific domestic duties.
NUMBER OF INTERVENTIONS
Decreto no. 7.725 of 21 May 2012, published in Official Gazette of 22 May 2012: http://www.receita.fazenda.gov.br/Legislacao/Decretos/2012/dec7725.htm
On May 22, 2012, the Government of Brazil, announced a reduction of the tax on Industrialized Goods (IPI, for its acronym in Portuguese) applicable to certain types of domestically produced vehicles for military or agricultural use belonging to the HS-codes 8703.32.10 and 8703.33.10.
According to Decree 7.725/2012, the applicable IPI rate for these types of vehicles will be reduced from 15% to 7.5% for the period of 22 May 2012 to 31 August 2012.