The Brazilian government is expected to announce reduction steel import tax to reduce the inflation rate in the country, which has reached 12.8% during the last 12 months. Reuters reported that Brazilian steel maker’s association Aco Brasil said that Brazilian Economy Minister Mr Paulo Guedes has asked his team to reconsider a tax cut on steel imports to help cool down consumer prices. Aco Brasil explained at a press conference that the government is considering reducing the steel rebar import tax to 4% from 10.8% and that the measure would be reconsidered after a meeting between steel makers and Mr Guedes. Aco Brasil Chairman and Gerdau Aços Brasil, Argentina & Uruguay Mr Marcos Eduardo Faraco Wahrhaftig said that a decision on the tax cut is expected on 12 May. The expectation is that the government will not welcome the plea for the tax reduction and will reverse this measure.”of the Board of Directors of Aço Brasil / Vice-President of Gerdau Aços Brasil, Argentina and UruguayMedia reports suggest that he list includes steel products used by the civil construction sector, such as rebar, wire rod and beams, which currently have a 12 percent import tax. Brazil has been facing persistent double-digit inflation, with the commodity shock exacerbated by the Ukraine war weighing on prospects. Adding to pressures, state-run oil company Petrobras has raised diesel prices by 8.9%.
The Brazilian government is expected to announce reduction steel import tax to reduce the inflation rate in the country, which has reached 12.8% during the last 12 months. Reuters reported that Brazilian steel maker’s association Aco Brasil said that Brazilian Economy Minister Mr Paulo Guedes has asked his team to reconsider a tax cut on steel imports to help cool down consumer prices. Aco Brasil explained at a press conference that the government is considering reducing the steel rebar import tax to 4% from 10.8% and that the measure would be reconsidered after a meeting between steel makers and Mr Guedes. Aco Brasil Chairman and Gerdau Aços Brasil, Argentina & Uruguay Mr Marcos Eduardo Faraco Wahrhaftig said that a decision on the tax cut is expected on 12 May. The expectation is that the government will not welcome the plea for the tax reduction and will reverse this measure.”of the Board of Directors of Aço Brasil / Vice-President of Gerdau Aços Brasil, Argentina and UruguayMedia reports suggest that he list includes steel products used by the civil construction sector, such as rebar, wire rod and beams, which currently have a 12 percent import tax. Brazil has been facing persistent double-digit inflation, with the commodity shock exacerbated by the Ukraine war weighing on prospects. Adding to pressures, state-run oil company Petrobras has raised diesel prices by 8.9%.
