LatinNews Daily - 21 June 2023

In brief: Brazil’s gov’t extends tax breaks for car sales

* Brazil’s ministry of industry and commerce has announced that it will extend its programme of tax breaks on vehicle sales to individual buyers for another 15 days. In May, the government had announced temporary tax incentives to invigorate Brazil’s car industry. The measures came into effect on 5 June and were due for a potential renewal after 15 days depending on the market’s reactions to the initiative. Brazil’s vice president and minister for industry and commerce, Geraldo Alckmin, has hailed the programme as a success so far, boasting how the initiative has boosted vehicle production, which he said justifies the renewal of the tax incentives. For the time being, the tax breaks have been applied only for vehicles sold to individual consumers and will continue to be applied as such for the next 15-day period. But at a later date the programme could also be applied to vehicles sold to business. The industry and commerce ministry has estimated that the tax breaks have resulted in car price reductions ranging from R$2,000 (US$417.46) to R$8,000.

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