The Government of Brazil has temporarily reduced the import tariff on polyester partially oriented yarn (POY) to 2 percent due to shortage of the product.
POY with NCM code 5402.46.00 is an intermediate filament used as a raw material for the production of polyester filament.
The ordinary level of common tariff imposed by Brazil on POY import is 18 percent.
The reduced tariff rate would be applicable until January 17, 2014.
The cut in import tariff is based on MERCOSUR Resolution No. GMC 08/2008, which authorizes Governments of member states to lower import tariff rates in response to domestic market demand, when there is a temporary shortage of supply in domestic market.
Fibre2fashion News Desk - India