BMW Q1 Brazil sales plunged 30%, may drop plans for plant.
SAO PAULO – The Brazilian government plans to adopt new criteria to define which auto makers in Brazil qualify to pay lower the industrial product tax (IPI) on imports beginning next year, in order to avoid lawsuits and arbitration by the World Trade Organization. The government hiked the tax on imported vehicles 35% last December but later said it would exempt cars with at least 65% local content after importers protested the IPI increase. The government’s move was part of ...
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