New Multinational Trade Policies Revealed
Brazil Imposes 20% Import Tax on Cross-Border Packages Under $50
The Brazilian government has issued Law No. 914/2024, announcing an adjustment to the tax policy for cross-border shopping effective from August 1, 2024. According to the new regulations, consumers purchasing goods through the “Conforme Remessa” program with a value of less than $50 will be required to pay a 20% import tax, in addition to a 17% ICMS state tax. For goods valued over $50, a 60% import tax and a 17% ICMS state tax will apply, with each package enjoying a $20 tax deduction.
Argentina Abolishes the “Pre-Approval” System for Import Payments
According to Buenos Aires Economic News, the Central Bank of Argentina has issued Communication A8509, making significant adjustments to the payment methods for imported goods and services. The requirement for importers to obtain prior approval from the Central Bank has been abolished, allowing companies to directly pay the interest on commercial debts arising from imported goods and services through the foreign exchange market. This provision applies to interest due on or after July 5, 2024, but requires the simultaneous acquisition of new overseas financing.
Maersk Adjusts Peak Season Surcharges for Exports from Asia
Recently, international shipping giant Maersk announced a major strategic adjustment. Starting August 1, 2024, the company will cancel the Peak Season Surcharge (PSS) for shipments from several Asian and Southeast Asian countries (including Brunei, China, Japan, Indonesia, and Mongolia) to the Americas, the Caribbean region, and Mexico. Additionally, Maersk has decided to reduce the Peak Season Surcharge from several Asian ports to Kenya and Tanzania, specifically lowering the surcharge for routes from Greater China, Northeast Asia, Southeast Asia, and the Mekong region to Kenya.
