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LatinNews Daily - 07 March 2022
In brief: Tax cut will help ‘reindustrialisation’, says Brazil’s Guedes
* A cut to Brazil’s tax on industrialised products (IPI) has been hailed as the start of Brazilian reindustrialisation by Economy Minister Paulo Guedes. The 25% reduction to the IPI (which does not involve products which contain tobacco) came into effect by presidential decree on 25 February. A week later, Guedes stressed the benefits of this tax cut (which has been criticised by state and municipal governments as they will lose part of their tax income), saying that as well as encouraging industrial production, it will help recover productivity and temper inflation. According to the economy ministry, 300,000 companies will be benefited by the reduction to the IPI, which will indirectly also help spur exports.
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