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Brazil proposes measures to stimulate the petrochemical and ethanol industries

4:55 AM MDT | April 24, 2013 | Francinia Protti-Alvarez

Brazil has proposed a set of tax cuts to boost its petrochemical sector and ethanol sector, according to a statement from the Finance Ministry (Brasilia) issued on Wednesday. One of the measures announced by Guido Mantega, finance minister, seeks to reduce to 1% the social integration tax, known as PIS; and the social contribution tax, Cofins, that are applied to raw material and certain chemicals. The taxes, which function as value-added taxes, currently stand at 5.6%. The measures are effective immediately, and will be gradually reduced between 2016...

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