Brazil Will Change Taxation System For Textile Imports

2011/12/28 10:50:00 6

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Brazil finance minister Guido Mantega revealed in St Paul 27, Brazil is about to change.

Imported

Taxation of textiles

system

That is, from the levying of ad valorem at present to tax on things.

Mantega said that at present, the government has prepared relevant legislation and will make it to the world.

Trade

The organization has applied for a temporary protective measure for ten years.

He explained: "the measure may be implemented in three months".

Mantega pointed out that the taxation of things is to impose fixed tariffs on specific products. This change is aimed at curbing the existing illegal competition, especially the prevailing phenomenon of low quoted price.

He said some imported garments cost only $1.5 to $3 per piece, which is not even worth a button.

Morgan added that it had changed the way to levy taxes on imported textiles and had the intention to protect domestic industries.

He said the external economic crisis has seriously affected Brazil's industry and is already shrinking.

Levying taxes from the goods enables the government to raise tariffs on certain products, so as to avoid the impact of imported products on domestic related industries.

Statistics released by the Brazil Textile Industry Association show that in the first half of this year, total imports of textiles and clothing in Brazil amounted to US $2 billion 252 million, an increase of 46.89% over the same period last year, while exports were only 674 million 700 thousand US dollars, up 20% over the same period last year.