Post | a variety of products of import and export tariffs have new changes! Summary of recent tariff and tax changes in many countries

On December 12, the administrative executive Committee of Brazil's Foreign Trade Commission decided to impose import duties on solar panels, and will resume import duties on 324 categories of related products within 60 days. From January 1,2024, imported solar panels will have to pay a 10.8% unified tariff on merCOsuR. In order to adapt the market to the new rules, the committee has set up a tax exemption quota that will decrease year by year until 2027. January to June 2024: $1.13 billion; July 2024 to June 2025; $1.01 billion; July 2025 to June 2026: $717 million July 2026; and July 2026 to June 2027. Screw terminal blocks, gx16 connector and Reflective Keychain should be noted.

•Will restore for $50 and the following goods import tax according to the Sao Paulo newspaper reported, vice President and industry and trade minister alkmin, said the government is promoting cross-border electric business platform compliance management, has begun to the enterprise circulation of goods and services, the next step will be to restore for $50 and below goods import duties.

• Resof import tax on electric vehicles Brazil's regulator announced the country will resume import duties on electric vehicles, sending electric car sales soaring as consumers rush to buy electric cars before current incentives expire.•

Tax System Reform Act On December 20, Brazil's Congress convened to issue the 132 Amendment to the Constitution of 2023 on tax reform. The focus of the tax reform bill is to establish value-added tax and simplify Brazil's tax system. In addition, from 2026, the federal government will begin to levy goods and service contribution fees, and the state and municipal governments will levy goods and service taxes. The new bill will significantly reduce tax rates on education, health services, medical devices and pharmaceuticals, public transportation, agricultural products, fisheries, food and food by up to 60 percent. The bill also imposes additional taxes on products such as tobacco and alcoholic beverages that affect human health and are harmful to the environment. In addition, products related to the "basic food basket" related to people's livelihood will be duty-free. According to the plan, the transition period for Brazilian tax reform will start in 2026 and continue until 2032.

 Thailand's EV 3.5 program will begin for four years from next year, according to Bloomberg News. Foreign electric vehicle manufacturers importing pure electric vehicles to Thailand in 2024 and 2025 will be eligible for up to a 40 percent import tariff reduction and a 2 percent consumption tax reduction, but only if they produce electric vehicles in Thailand by 2027.

• In wisdom city enterprise is expected to get 3 years full tax breaks, according to Thailand, Thailand digital economy and social minister in recently attended a seminar on the theme of Thai wisdom city, will work with the investment promotion committee (BOI) to discuss more powerful enterprise income tax relief measures to attract target enterprise investment, including 3 years enterprise income tax breaks will increase from 50% to 100%, the premise is to need to buy Thailand domestic digital products.

Post time: Jan-17-2024