Commercial Information Circulars

24-hour hotline : 23 922 922

e-mail address : enquiry@tid.gov.hk

Ref : EIC 413/2

11 November 2013

Dear Sirs,

Commercial Information Circular No. 903/2013

Brazil : New Calculation Method for Value of Imported Goods for Tax Purposes

The Brazilian government issued a Bill No. 21/2013 on 9 September 2013 which set out in its Article 29 the calculation method for value of imported goods for tax purposes.

2.The calculation of import tax is based solely on the customs value of the goods, instead of the customs value of the goods plus the value of value-added tax for inter-state circulation ("Imposto sobre Operações Relativas à Circulação de Mercadorias e sobre Prestação de Serviços de Transporte Interestadual e Intermunicipal e de Comunicação" in Portuguese / ICMS) originally set out in Artcle 7 of Law No. 10865 of 20 April 2004.

3.For details, traders are advised to consult their importers in Brazil and/or the above Brazilian Bill and Law (in Portuguese), which are available at:

Bill No. 21/2013:
http://www.senado.gov.br/atividade/materia/getTexto.asp?t=135708&c=PDF&tp=1

Law No. 10865/2004:
http://www.receita.fazenda.gov.br/Legislacao/leis/2004/lei10865.htm.

ENQUIRIES

4.For enquiries about the content of this circular, please contact Miss S Y TANG at telephone number 2398 5405.

Yours faithfully,

(Ms Cindy CHENG)

for Director-General of Trade and Industry