Brazil’s Camex has unanimously approved the elimination of import taxes on various food products to address food inflation. Vice President Alckmin emphasized the need for these emergency measures, which will be in effect as required. The exemption is projected to cost around 650 million reais, applying to several essential food items.
Brazil’s trade chamber, known as Camex, has unanimously decided to eliminate import taxes on a range of food products to combat rising food inflation, as announced on Thursday. Vice President Geraldo Alckmin, who oversees trade, industry, and development, stated that these measures are crucial to lowering food costs during an exceptional period of inflation.
Effective immediately, the tax reductions will remain in place as long as necessary to stabilize food prices. The estimated financial impact of the exemptions is approximately 650 million reais ($112.07 million) if sustained for one year, although Alckmin anticipates a shorter duration.
The tax exemptions will affect various food items, including boneless beef, roasted coffee, coffee beans, corn, olive oil, sugar, cookies, pasta, and sardines. Camex, which operates under Alckmin’s ministry, plays a significant role in shaping the country’s trade policies.
In conclusion, Brazil’s trade chamber has taken decisive action to alleviate food inflation through the elimination of import taxes on key food products. The unanimous decision reflects the government’s commitment to addressing rising costs. With an estimated budget impact of 650 million reais, these measures are aimed at reducing prices and supporting Brazilian consumers during this critical time.
Original Source: money.usnews.com
