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Brazil agchems avoid tax hit
Aug. 5, 2008
A $350 million tax hike on pesticides has been averted in Brazil. The national price policy council, the Confaz, has extended an agreement to lower the interstate trade tax, the ICMS, from August 1st by six months. The state of Mato Grosso, a Confaz member, voted against an extension earlier this year. The ICMS is levied on transactions relating to the movement of agricultural input goods across states. The projected rise in prices among all agricultural inputs would reportedly have run “into billions of reals”.
Source: Agrow
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