Brazilian ministries announce extended lifetime for Report tax incentive

Nov, 08, 2023 Posted by Gabriel Malheiros

Week 202345

On Tuesday (Sep 7), Silvio Costa Filho, the Minister of Ports and Airports (MPor) and Fernando Haddad, the Finances Minister, met to discuss crucial topics for Brazil’s port growth. During the gathering, another significant achievement for the productive economy of the sector was celebrated: the extension of the Reporto, a tax incentive program that exempts import taxes on machinery, equipment, spare parts, and other essential goods for Brazilian economic growth, creating more jobs and increasing income.

Silvio Costa Filho highlighted the commitment taken by the Federal Government to grow the Brazilian economy, noting that ‘there is a prospect of investments in the next few years on the order of R$50 billion.’

Fernando Haddad emphasized that the tax reform approved by the Senate’s Constitution and Justice Commission (CCJ) includes the Reporto. ‘Those who invest should not pay taxes, as they generate jobs.’ Haddad stressed the importance of tax relief to boost the productivity of the Brazilian economy, facilitating foreign trade both for export and import. ‘This represents the Brazilian economy’s consolidation and the foreign market’s confidence in Brazil’s potential,’ Haddad concluded.

Boosting the Economy

MPor is in constant dialogue with the Ministry of Finances to modernize and expand the port infrastructure, especially with the aid of Reporto, which suspends the payment of import taxes and taxes on industrialized products for importing machinery, equipment, spare parts, and other goods.

It’s important to highlight the role of the Federal Government as an agent driving the development of the port sector, which grew by 4.4% in the first five months of the year, reaching a total throughput volume of 495.8 million tonnes of cargo handled by Brazilian ports.

Sharing is caring!

Leave a Reply

Your email address will not be published. Required fields are marked *

The reCAPTCHA verification period has expired. Please reload the page.