Brazil to reduce production tax on cars Thursday

Newswire

BRASILIA, Brazil, July 31 (Reuters) - The Brazilian Finance Ministry recommended on Wednesday that production taxes on passenger vehicles with small to medium-sized engines should be lowered immediately and said it expected President Fernando Henrique Cardoso to issue a decree to that effect on Thursday. The intent of the lowered tax rates, the ministry said, was to help the country's ailing automotive section sell and export more vehicles. A ministry statement said Cardoso had received ...

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