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03/01/2018 - 17:40hs

Tax slashed on product supplied by Saudi to Brazil

The Brazilian government cut the rate levied on imports of polycarbonate resin – an industry input – from 14% to 2%. One of the countries supplying the product to Brazil is Saudi Arabia.

São Paulo – Brazil’s Foreign Trade Chamber (Camex) reported that Import Tax has been slashed on several items due to a domestic undersupply. The ruling was made public in the Official Gazette on Tuesday (2). One of the items is polycarbonate resin, Mercosur Common Nomenclature (MCN) #3907.40.90. Saudi Arabia is one of the countries that sell this resin to Brazil.

The tax dropped from 14% to 2%, effective for 12 months up to a maximum quota of slightly over 35,000 tons, which is nearly the entirety of what was purchased from January to November 2017.

Polycarbonates are resistant, transparent plastic materials that can replace glass. They are used in making products including car lights, eyeglass lenses, CDs and DVDs.

Year-to-date through novembro 2017, USD 1.63 million worth of polycarbonate resin was imported from Saudi Arabia to Brazil, or 21 times more than in 2016. Imports amounted to 714.5 tons, up 17 times, as per numbers from the Brazilian Ministry of Industry, Foreign Trade and Services. Saudi Arabia boasts a strong petrochemical industry.

The leading supplier of polycarbonate resin to Brazil is the United States, followed by Germany, South Korea, China, Belgium, the Netherlands and Italy. Saudi Arabia is the eighth biggest supplier, and trailed by Japan and Taiwan.

Overall, USD 78.6 million worth of polycarbonate resin were imported to Brazil through November 2017, up 45% from January to November 2016. Imports reached 36,000 tons, up 42.4%.

*Translated by Gabriel Pomerancblum

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