On October 7, 2016, the Ministry of Economy published in the Federal Official Gazette the Amendment Decree of the Import and Export Duties Law (the “Decree”). By means of this publication the MFN duty applicable to 97 tariff items of Chapter 72 “Iron and Steel” is once again raised to 15% ad valorem. This increase will become effective as of October 10, 2016 and will last 180 calendar days. According to such publication, the purpose of this raise is to give the domestic industry a chance to recover and prepare a solid legal strategy against unfair trade practices.
It is important to mention that up to October 7, 2015 these tariff items were exempted from the payment of import duties, however in October 8, 2015 a decree similar to the one published today raised the duties to 15% ad valorem which was valid until October 1, 2016.
This means that as of October 2, 2016 the importation of goods classified in these tariff items returned to the original exemption, situation that will end next Monday, when the Decree published today becomes effective.