▪Brazil lowered import tariffs on 6,195 items;
▪ Russia exempts some goods from import duties and simplifies import procedures for electronic equipment;
▪The Eurasian Economic Union exempts some goods from import duties for 6 months.
Brazil cuts import duties on 6,195 items
It is reported that the Brazilian Foreign Trade Commission (CAMEX) approved the tax reduction plan of the Ministry of Economy on Monday, deciding to reduce import tariffs by 10% on most imported goods, valid from June 1, 2022 to December 31, 2023.
The tax reduction plan covers about 87 percent of Brazil's tariffed goods, totaling 6,195 NCM (Common Catalogue of the Southern Common Market) tariff codes. That is, covering more than 6,000 commodities, including beans, meat, pasta, biscuits, rice, and building materials.
The Ministry of Economy reported that tariffs on the above-mentioned goods had been reduced by 10% in November 2021. Therefore, adding the new tax cuts to the previous tax cuts, the import duties on these goods will be reduced to 0% or a total of 20% reduction.
In addition, a total of 1,387 products were excluded from the tax cut, such as textiles, footwear, toys, dairy products and some automotive products.
The relief from the tax cuts is estimated at 3.7 billion reais ($768 million), the ministry said.
Russia exempts some goods from import duties
On May 16, local time, Russian Prime Minister Mikhail Mishustin said that Russia will exempt import tariffs on technical equipment, etc., and will also simplify the import process of electronic equipment such as computers, smartphones and tablet computers.
It is reported that technical equipment, spare parts and spare parts, as well as raw materials and materials for the implementation of investment projects in sectors important to the economy, can be imported into Russia duty-free. The resolution was signed by Russian Prime Minister Mishustin. This decision was taken to ensure the development of the Russian economy despite external constraints.
The investment projects mentioned above include the following priority activities: crop production, production of pharmaceuticals, food and beverages, paper and paper products, electrical equipment, computers, vehicles, activities in the field of information technology, telecommunications, long-distance and international passenger transport, construction and Facility construction, oil and gas production, exploration drilling, a total of 47 items.
Russia will also simplify the import of electronic equipment, including computers, tablets, laptops, smartphones, microchips and walkie-talkies.
In addition, in March this year, the Council of the Eurasian Economic Commission decided to exempt food and goods used in its production for 6 months from import duties, including animal and dairy products, vegetables, sunflower seeds, fruit juice, sugar, cocoa powder, amino acids, Starch, enzymes and other foods.
Goods exempt from import duties for six months also include: products related to the production and sale of food; raw materials for the production of pharmaceutical, metallurgical and electronic products; products used in the development of digital technologies; products used in light industrial production, and used in construction and transportation products of the industry.
The members of the Eurasian Economic Commission (Eurasian Economic Union) include Russia, Kazakhstan, Belarus, Kyrgyzstan and Armenia.
*The official website of the Russian government announced the relevant links for exemption from import duties: http://government.ru/news/45411/
*The Eurasian Economic Commission is exempt from import duties Related links:
https://eec.eaeunion.org/news/eaes-predostavit-lgoty-na-vvoz-prodovolstviya-i-syrya-dlya-sotsialno-znachimykh-otrasley/
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