financetom
Business
financetom
/
Business
/
Brazil's Congress advances bill to tax low-cost online orders
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Brazil's Congress advances bill to tax low-cost online orders
May 29, 2024 12:29 AM

BRASILIA (Reuters) - Brazil's lower house of Congress approved on Tuesday the main text of a bill that would enact a new 20% import tax on international online purchases under $50, significantly down from a higher tax rate that was originally proposed.

The bill must still be voted on by the Senate.

The new import tax rate for purchases that cost $50 or less was set on Tuesday following negotiations between lawmakers and the administration of leftist President Luiz Inacio Lula da Silva, which had previously expressed its opposition to the unpopular tax proposal.

An earlier version of the bill sought to raise the online orders tax to 60%.

Global online retailers including Alibaba's AliExpress and Shein have a huge presence in the Brazilian marketplace.

While Lula's government has sought to balance public spending with more tax revenue, the president said last week that he was inclined to veto the new tax if Congress approved it.

If he were to make good on that threat, lawmakers could overturn a Lula veto with a simple majority vote.

Last year, Lula's administration tried to implement a version of the online sales tax, which is supported by local retailers amid growing presence of Asian e-commerce giants in Brazil, but at the time he gave up after a strong backlash from online shoppers.

Lower house lawmakers opted to attach the 20% tax proposal to a bill that also includes sustainability tax incentives for automakers.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Brazil's Prumo sells stake in joint venture with Anglo American
Brazil's Prumo sells stake in joint venture with Anglo American
Nov 14, 2025
RIO DE JANEIRO (Reuters) -Brazilian logistics firm Prumo said on Friday it agreed to sell its 50% stake in Ferroport, a joint venture with miner Anglo American that operates an iron ore terminal at Rio de Janeiro's Acu Port. * The Ferroport stake is being sold to investment firm3Point2, which had financial support from lender BTG Pactual,Prumo said in a statement....
Why Is Topgolf Stock Up Today?
Why Is Topgolf Stock Up Today?
Nov 14, 2025
Shares of Topgolf Callaway Brands Corp. ( MODG ) are rising Friday following a report about a potential sale of the topgolf unit. What To Know: Topgolf, which runs golfing entertainment parks, is in talks to be sold to private equity firm Leonard Green, according to The Wall Street Journal. The deal would value the company at $1 billion, which...
Market Chatter: Sony Picks Up Film Rights to Labubu Toy Brand
Market Chatter: Sony Picks Up Film Rights to Labubu Toy Brand
Nov 14, 2025
04:01 PM EST, 11/14/2025 (MT Newswires) -- Sony Group ( SONY ) unit Sony Pictures has acquired the screen rights to Labubu, the Chinese plush-toy line, and plans to develop it as a feature film, multiple media outlets reported Friday. The project is in early development with no producers attached, and it is still undecided whether the movie will be...
Sarepta Gains FDA Approval for Updated Safety Guidance on Duchenne Gene Therapy
Sarepta Gains FDA Approval for Updated Safety Guidance on Duchenne Gene Therapy
Nov 14, 2025
04:00 PM EST, 11/14/2025 (MT Newswires) -- Sarepta Therapeutics ( SRPT ) said Friday that the U.S. Food and Drug Administration has approved updated prescribing information for Elevidys, its gene therapy for Duchenne muscular dystrophy. The update adds a boxed warning for acute liver injury and liver failure, expands prescriber guidance with new monitoring requirements, and removes the therapy's non-ambulatory...
Copyright 2023-2026 - www.financetom.com All Rights Reserved