BRIEFS. trade

Assembly approves tax rebate for exporters

The National Assembly has approved a measure that will allow exporters to be reimbursed for their loss of preferential tariffs on exports to the European Union.

The Assembly has created a “eurocertificado,” that will be issued to exporters that will allow them to discount their goods that they send to Europe, thus allowing them to remain competitive.

Originally the program was only open to businesses that had exported goods to Europe prior to Jan. 1. However, it has been amended so that it is open to any business.

“We changed it to make it open to not only those who were exporting to Europe, but so that businesses will be able to start doing so now,” said Pedro Miguel González, president of the Assembly's Public Finance Committee.

Severo Sousa, Deputy Minister of Foreign Trade, said the program would cost an estimated $32 million.

Referring to the official negligence that caused the loss of the tariff preferences, Sousa said the investigation into that part of the equation is ongoing.

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