Frozen sardines. (Photo: Stock File)
Import tax for frozen sardine lowered
Thursday, August 23, 2012, 00:30 (GMT + 9)
The Foreign Trade Chamber (Camex), under the Ministry of Development, Industry and Foreign Trade (MDIC), decided to reduce the import tax applied to frozen sardines, from 10 per cent to 2 per cent.
The official measure is intended to prevent shortages in the domestic market.
The action is limited to a quota of 50,000 tonnes of sardine (Sardina pilchardus, Sardinops spp., Sardinella spp.) for a period of 180 days.
A press release issued by the MDIC notes that "the goal of the measure is to ensure the product supply and to avoid possible shortages of the canning industries during the fishing pause, throughout closed and recruitment seasons, in compliance with the Brazilian environmental legislation."
The tax reduction is included in a resolution of the Mercosur Common Market Group, which includes the possibility of reducing the import tax rate for supply reasons.
The adopted decision could favour Morocco, which is one of the leading suppliers of sardines in the world.
- Import tax cut on frozen sardine
By Analia Murias