Brazil likely to consider roll back on tax on cars

Brazilian financial ministry has indicated on likely reversal of industrial products tax (IPI) by early of 2014. This is amidst serious concerns raised by the automobile industry the sales impact by higher duties.

Brazil had earlier in 2012 reduced IPI taxes on cars as well as furniture and home appliances on a temporary basis in an effort to boost an economy which had been sliding for three years.

Major companies including Ford, GM, Volkswagen and Fiat sell 70 percent of their new cars in Brazil which is the world's fourth-largest market for auto sector.

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