Government Reduces Excise Tax Rate

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Machado Associados

The government has significantly reduced the excise tax (IPI) rate in an effort to aid economic recovery after the covid-19 pandemic and mitigate the negative effects of inflation and the potential adverse impacts of the Ukraine-Russia war. Decree No. 10979, which was published in the 25 February 2022 edition of the Official Gazette, has provided for an immediate 25% reduction in the IPI rate for most
manufactured and imported products. However, this has proven controversial and raised several practical issues…

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