Brazil to resume import tax on electric, hybrid vehicles
Nov 12, 2023
Sau Paolo [Brazil], November 12: Brazil, Latin America's biggest economy, will resume levying taxes on imported electric and hybrid cars, as a way to spur the country's automotive industry development.
Brazil's Ministry of Industry, Development, Trade and Services said in a statement Friday that the goal of the tax is to help develop the sector's productive chain and speed up the reduction in carbon dioxide emissions from Brazilian-made vehicles.
The tax will resume in January 2024 and be gradually increased until it reaches 35 percent of the value of imports in July 2026.
The measure was approved by Brazil's Foreign Trade Chamber (Camex).
According to state-run news agency AgenciaBrasil, Camex also decided to reinstate the import tax on 73 chemical products, which was cut by 10 percent in May of last year.
Source: Xinhua
