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May 29

Brazil Senate passes bill to increase import taxes

Taxes on a range of imported products would be increased in hopes of boosting revenues by $337 million next year

By Ben Tavener

SAO PAULO – The Senate here passed a bill Thursday that, if made law, will increase taxes on a range of imported products.

Everything from beer to perfumes will require higher taxes, ostensibly both to boost revenues and protect the domestic market.

Two import taxes are affected, which together would increase tax contributions from 9.25 percent to 11.75 percent on most products — and up to 20 percent in some cases.
Source: Brazil Senate passes bill to increase import taxes