Brazil Takes Measures to Revitalize Textile Garment and Footwear Industry
The Brazilian government recently announced a number of stimulus measures to revitalize its domestic manufacturing industries, including textiles, garments and footwear, and to avoid the impact of cheap Asian goods.
The "Bigger Brazil" project proposed by Brazil includes tax relief, incentives and measures to stimulate export trade to help Brazilian companies affected by the appreciation of Brazilian currency and competing with foreign goods.
These measures include tax cuts for textiles, garments and footwear manufacturers, while companies exporting finished products can enjoy a 0.5% tax deduction from the sale price. These tax reductions will offset the additional tax of at least 1.5% on different industrial sales.
The Brazilian government’s procurement policy will also benefit Brazilian-made products such as textiles and footwear. The Brazilian government will purchase locally produced products in Brazil at a premium of 25%.
According to Brazilian President Dilma Rousseff, "With the implementation of these policies, we are taking an action to protect Brazil's industry from frequent unfair competition in the international market." "Our proposal is to increase Brazil's production and employment. â€
The Brazilian Development Bank will also provide 2 billion Brazilian reals (1.2 billion U.S. dollars) to promote investment in industrial innovation.
In terms of trade, Brazil will impose stricter controls on tax deductions and rebates on imported goods and exported goods.
At the same time, the Brazilian government plans to shorten the period of anti-dumping investigation from 15 months to 10 months, and reduce the period for the provisional anti-dumping duty from 240 days to 120 days, and anti-dumping duties and other retaliatory measures will be accelerated.
In addition, the inspection of customs and the enforcement of penalties for the investigation of smuggled goods and forged freight documents will also become more stringent.
The "Bigger Brazil" project proposed by Brazil includes tax relief, incentives and measures to stimulate export trade to help Brazilian companies affected by the appreciation of Brazilian currency and competing with foreign goods.
These measures include tax cuts for textiles, garments and footwear manufacturers, while companies exporting finished products can enjoy a 0.5% tax deduction from the sale price. These tax reductions will offset the additional tax of at least 1.5% on different industrial sales.
The Brazilian government’s procurement policy will also benefit Brazilian-made products such as textiles and footwear. The Brazilian government will purchase locally produced products in Brazil at a premium of 25%.
According to Brazilian President Dilma Rousseff, "With the implementation of these policies, we are taking an action to protect Brazil's industry from frequent unfair competition in the international market." "Our proposal is to increase Brazil's production and employment. â€
The Brazilian Development Bank will also provide 2 billion Brazilian reals (1.2 billion U.S. dollars) to promote investment in industrial innovation.
In terms of trade, Brazil will impose stricter controls on tax deductions and rebates on imported goods and exported goods.
At the same time, the Brazilian government plans to shorten the period of anti-dumping investigation from 15 months to 10 months, and reduce the period for the provisional anti-dumping duty from 240 days to 120 days, and anti-dumping duties and other retaliatory measures will be accelerated.
In addition, the inspection of customs and the enforcement of penalties for the investigation of smuggled goods and forged freight documents will also become more stringent.
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