BRAZIL: Awaits extension of tax exemption for footwear until 2027
It represents 1.5% of the industry's gross domestic revenue. It has been approved by Congress and is awaiting President Lula's signature.
In the legislative report distributed by ABICALÇADOS -the Brazilian Footwear Industry Association- to its members and the press, it is mentioned that after several stages and intensive work, the organization celebrates the approval of the measure in the Federal Senate, concluding its process in the National Congress. The text extends the exemption until 2027. Only the final sanction by President Lula is expected.
The communication details that the project went through various congressmen, senators, and committees of both houses since February 2023 until it was finally approved by the Senate Economic Affairs Committee at the end of October. The soon-to-be-enacted law, which includes the footwear industry, exempts 17 sectors of the economy from tax payments for the next four years.
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