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Brazil reduced the Import Tax rate for “rice” to zero percent.

Brazil is going through a good time for “Importation”. Brazil has reduced the Import Tax rate for “rice”. Until December, the tax rate will be zero percent.

Due to the HIGH RICE PRICES, the Brazilian Government zeroed the import tax on rice until the end of the year.

The Chamber of Foreign Trade (Camex), linked to the Ministry of Economy, decided on Wednesday (9) to zero the import tax rate for paddy and processed rice. The tariff exemption will be valid until December 31 of this year.

According to the folder, the temporary reduction is restricted to the quota of 400 thousand tons, incident rice with un-parboiled husk and semi-blanched or blanched rice, not parboiled, according to the Mercosur Common Nomenclature (NCM). Until then, the Common External Tariff (TEC) levied on the product was 12% for processed rice and 10% for paddy rice.

The decision was taken during a meeting of the Executive Management Committee of Camex, based on a request made by the Ministry of Agriculture. The collegiate is made up of the Presidency of the Republic and the ministries of Economy, Foreign Affairs and Agriculture, Livestock and Supply.

RICE prices rise.

The purpose of the temporary tariff exemption is to contain the significant increase in the price of rice over the past few months. According to the Center for Advanced Studies in Applied Economics at the University of São Paulo (Cepea / USP), the price of rice has varied by more than 107% in the last 12 months, with the value of the 50 kg bag close to R $ 100. The reasons for the increase are a combination of the appreciation of the dollar against the real, the increase in exports and the fall in the harvest. In some supermarkets, the product, which cost about R $ 15, in a 5 kg package, is being sold for up to R $ 40.

Source: published 09/09/2020 – 18:46 By Pedro Rafael Vilela – Reporter of Agência Brasil – Brasília