Brazil cuts import tax on maize from 8% to zeroStaff writer ▼ | April 25, 2016
The Brazilian Ministry of Development, Industry and Foreign Trade announced that the import tax on bulk maize was slashed from 8% to zero.
Agriculture in Brazil To rebalance the domestic maize market
According to the ministry, the temporary tax exemption was approved at the request of the Ministry of Agriculture, Livestock and Supply and is intended to “rebalance the domestic market, preventing meat production costs from rising significantly.” Maize is largely used as poultry and pork feed.
According to a statement issued by the ministry on the 19th, its Agricultural Policy secretary André Nassar said the call for a tax break on maize came from poultry, pork and dairy producers, who complained about high costs.
“Imports of the grain, which serves as the basis for animal feed, will impact positively on domestic maize prices,” the secretary said then.
He added that since the exemption will be valid from May to October, national maize producers will not be affected, since the next crop will be sold after that period. ■