UPDATE 1-Brazil offers tax advantages via e-commerce compliance program
(Adds quote from finance minister Haddad in paragraph 3) BRASILIA, June 30 (Reuters) – Brazil’s Finance Ministry announced on Friday an exemption from federal taxes on e-commerce purchases up to $50 for companies participating in a new compliance program by the tax revenue service. The country has been trying to close a loophole that some Asian e-commerce giants were seen using to gain tax exemptions by sending shipments as if they were individuals and not businesses. Finance Minister Fernando Haddad told reporters the new aims to “balance competition” between marketplaces, addressing worries from local retailers. Currently, shipments by companies of any value are subject to a 60% federal tax rate on imports, while shipments by individuals are exempt for orders up to $50, with the same tax rate applied above that amount. The program, starting Aug....
