Brazil extends car tax cut by three months

Newswire

BRASILIA, Brazil, Nov 28 (Reuters) - Brazil's government on Friday said it would extend by three months a tax cut for car makers meant to bring consumers lower prices and prevent further industry layoffs. The measure is aimed at helping the industry recover from a sharp downturn in auto sales that led to a round of job cuts at automakers this year, including nearly 4,000 at Volkswagen AG in July. Brazil's center-left government will cut the amount of IPI tax auto makers pay on cars by ...

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