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Brazil extends zero-duty on methanol imports for 180 days
Oct '13
The Foreign Trade Chamber (CAMEX) of the Government of Brazil’s Ministry of Development, Industry and Foreign Trade has decided to extend the zero-duty on methanol imports for another 180 days, as per the resolution published in the Official Gazette, Agencia Brasil reported.
However, the extension of zero-duty would be limited to a quota of 282,500 tons of methanol.
The Government had decided to exempt methanol from import tax earlier this year to avoid shortage of the product, used in the textile and other industries.
The import tax exemption on methanol is in place since April this year. Prior to that, the tax rate on imports of methanol was 12 percent.
To implement the zero rate of tax, methanol has been temporarily added to the List of Exceptions to the Common External Tariff, which is a list of 100 products whose export tax is reduced.
At present, China is the largest consumer and importer of methanol, accounting for more than 50 percent of global methanol trade. 

Fibre2fashion News Desk - India

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