Brazil’s trade chamber, Camex, has unanimously decided to eliminate import taxes on select food products to address food inflation. This emergency measure, announced by Vice President Geraldo Alckmin, is intended to reduce food costs and mitigate inflation. The exemptions apply to several food items and will remain in effect as long as necessary.
Brazil’s trade chamber, known as Camex, has decided to eliminate import taxes on specific food products as a measure to combat food inflation, according to a recent statement. The unanimous decision was communicated by Brazilian Vice President Geraldo Alckmin, who also holds the position of trade, industry, and development minister.
“These are emergency measures to reduce taxes, to reduce food costs and to help, at this exceptional time, to reduce inflation, especially food inflation,” Alckmin stated after the government implemented similar tax cuts last week. The new measures will take effect on Friday and will remain in place as long as necessary to alleviate food prices.
The financial implications of these exemptions are significant, with an estimated cost of 650 million reais ($112.07 million) if maintained for a year, although Alckmin anticipates a shorter duration. The exemptions specifically apply to products such as boneless beef, roasted coffee, coffee beans, corn, olive oil, sugar, cookies, pasta, and sardines. The trade chamber, which operates under Alckmin’s ministry, is responsible for establishing the government’s trade policies and guidelines.
In summary, Brazil’s Camex has taken decisive action to eliminate import taxes on various food products to address rising food inflation. The measures, described as emergency interventions, are expected to last as necessary and may cost around 650 million reais if extended for a year. This decision reflects the government’s commitment to managing food prices effectively while considering the economic challenges faced by citizens.
Original Source: money.usnews.com
