Brazil’s trade chamber, Camex, has approved the removal of import taxes on select food products to combat food inflation. Vice President Geraldo Alckmin stated that these measures aim to lower food costs and inflation, with estimated savings of 650 million reais. The exemptions will apply to various products and remain effective as needed.
On Thursday, Brazil’s trade chamber, known as Camex, announced its decision to eliminate import taxes on certain food products to address escalating food inflation. The unanimous decision was confirmed by Brazilian Vice President Geraldo Alckmin, who also holds the position of trade, industry, and development minister.
Alckmin emphasized that these measures represent an urgent response aimed at lowering food costs and alleviating inflation concerns, particularly related to food prices. The vice president remarked, “These are emergency measures to reduce taxes, to reduce food costs and to help, at this exceptional time, to reduce inflation, especially food inflation.”
Effective Friday, the import tax exemptions will remain in place as long as necessary to reduce food prices. The estimated financial impact of these tax exemptions, should they persist for a year, amounts to 650 million reais (approximately $112.07 million), although Alckmin anticipates a shorter duration for the measures.
The exemptions will specifically apply to various food products, including boneless beef, roasted coffee, coffee beans, corn, olive oil, sugar, cookies, pasta, and sardines. Camex operates under Alckmin’s ministry and is responsible for government trade policies and guidelines.
In summary, the Brazilian government has taken decisive action to combat food inflation by eliminating import taxes on select food products. This initiative, confirmed by Vice President Geraldo Alckmin, aims to lower food costs and is set to remain in effect as needed. Import tax exemptions will apply to various staple foods, potentially resulting in significant savings and relief for consumers.
Original Source: money.usnews.com
