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Reuters
Reuters
Business

Brazil Supreme Court justice suspends tax cut for Manaus Free Trade Zone products

Brazilian Supreme Court Justice Alexandre de Moraes suspended on Friday the effects of a decree to cut taxes on industrial products (IPI), but only for products manufactured in the Manaus Free Trade Zone.

Moraes' decision, which still has to be voted by the court to be confirmed, comes after a request by the Solidarity party. It would suspend the effects of decrees signed by President Jair Bolsonaro earlier this year.

The IPI tax is levied on industries that make and import manufactured products, like refrigerators, cars, air conditioners and televisions.

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