To curb inflation, Brazil zeroes import tax on soybeans and corn

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This Saturday (17), the federal government announced the suspension of the soy tax until January 15 and corn until March 31, 2021.

Announced by the Ministry of Economy, the decision of the Chamber of Foreign Trade (Camex) to zero the import tax rate on both products aims to contain inflation, especially the rise in food prices.

In particular, corn was included in the Brazilian List of Exceptions to the Common External Tariff (Letec), while soybeans had a reduction in both bran and grain, and soybean oil.

In September, Brazil recorded the biggest increase in inflation since 2003, which had an impact on food and beverage prices in the country. In the same month, the government decided to zero taxes on rice, both in shell and processed.

The series of decisions comes amid an increase in the prices of staple foods such as rice, which throughout September created a crisis for the government, in view of the economic problems faced by the population during the COVID-19 pandemic.

© Folhapress / Mineto

Supermarket image showing the increase in rice prices

According to a note published by the Ministry of Economy, a resolution was pointed out on Friday (16) during the 175th Extraordinary Meeting of the Executive Management Committee (Gecex) of Camex, the body responsible for defining import and export tax rates.

Gecex is made up of the Presidency of the Republic and also the Ministries of Economy, Foreign Affairs and Agriculture, Livestock and Supply.

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