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Brazil to Reward Exporters with Tax Breaks

The Brazilian Ministry of Development, Industry and Foreign Trade is working on a project to attract investment to factories in Brazil that are turned to export.

The intention is to increase the competitiveness of companies that work in foreign trade. Development minister Luiz Fernando Furlan discussed the matter yesterday during a National Development Council meeting.


The objective of the Export Platform Program is to offer equal conditions to investors when compared to the main competitors when considering attraction of Foreign Direct Investment (FDI).


According to Furlan, the forecasts are that by 2008, Brazil should have receive around 13% (US$ 15 billion) of the FDI in the five main emerging markets, China, India, Russia, Mexico and Brazil.


“We would like this figure to reach US$ 20 billion a year,” stated the minister during a meeting.


The program will benefit some new plants, whose exports reach 80% of production. They will have the right to cancellation of taxes while in these conditions.


Among the taxes listed is the import tax (for products that have none similar on the domestic market). The program will be completed in days to come.


ANBA

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