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Brazil renews tax cut for household appliances

Updated:2009-10-30 11:13:55

Brazil's Finance Minister Guido Mantega announced on Thursday that the cut of the Industrialized Products Tax (IPI) for household appliances would be renewed for another three months.

The current IPI cut for the sector, first announced in April, was due to end on Saturday, but the manufacturers insisted on a renewal in order to avoid a sharp decrease in consumption.

Products that would benefit from the IPI cut include refrigerators, ovens and washing machines.

Yet the renewal of the IPI cut would only benefit products with lower levels of energy consumption, Mantega said.

The minister also explained that the cut was renewed for only three months because the Brazilian economy was already showing signs of recovery from the international financial crisis.

"Soon, the economy will start walking on its own," Mantega said.

Since the beginning of the year, the Brazilian government has also granted IPI cuts to other products, including vehicles and construction supplies. The measures helped minimize the impact of the crisis on the country.

The IPI cut will cost the Brazilian government 132.1 million reais (75.5 million U.S. dollars).

 

Source:http://news.xinhuanet.com

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