The Ministry of Economy enacted a new 10% reduction in import duties applied to capital goods (BK) and computer and telecommunication goods (BIT). As of April 2022, the cumulative 20% cut in import tariffs for such products intends to boost market competitiveness.
The Foreign Trade Chamber (CAMEX) at the Ministry of Economy, through GECEX Resolution n.º 318/2022 (rectified by GECEX Resolution n.º 324/2022), enacted a new 10% reduction in import duties applied to capital goods (BK) and computer and telecommunication goods (BIT), adding to the 10% reduction in BK and BIT import duties from March 2021 (GECEX Resolution nº 173/2021, reported in the 22nd and 30th editions of the Regulatory Report). According to the ministry, the reduction of duties intends to boost market competitiveness, lowering the costs for strategic capital and consumer goods.
The cumulative 20% reduction in import duties as of April 2022 applies to 949 out of 978 BK and BIT tariff lines subject to import tariffs, according to the ministry. Additionally, the March 2021 tariff exemptions for BK and BIT products subject to 2% import tariffs remain valid. The new tariff rates applied to BK and BIT tariff lines are provided in Annex VI (List of Exceptions for BK and BIT Goods) of GECEX Resolution n.º 272/2021 (2022 version of the Harmonized System) and are also available on CAMEX website.
The reduction adheres to the Brazilian waiver system provided by the Southern Common Market (MERCOSUR)’s list of exceptions to the Common External Tariff (TEC, in the Portuguese acronym) for BK and BIT goods.
