Brazilian beef industry receives tax break
October 15, 2009
by Bryan Salvage
SÃO PAULO, BRAZIL — The Brazilian federal government has published a decree in its official journal that exempts the entire beef chain from paying a local tax known as P.I.S./Pasep and Cofins, which represents 9.25% of gross sales on the domestic Brazilian market, according to JBS S.A. The decree becomes valid on Nov. 01.
"This exemption represents a very positive move on the part of the Brazilian authorities and benefits the whole production chain from ranchers to consumers through the processing sector making beef and beef products available to a greater public," the company.