Brazil Cocoa Grinders Criticize Proposed Tax Regime Change

Brazilian cocoa industry group AIPC, which represents companies including Barry Callebaut AG, Cargill Inc. and Olam Group, criticized a bill pending before Congress proposing a shorter period for companies to claim tax benefits related to cocoa imports.

• Cocoa industry group AIPC says the bill would reduce to six months from 24 the time under which companies can access tax benefits under a drawback mechanism
  • “The change shortens the period available for companies to complete the industrial and commercial cycle, increasing production costs and reducing the competitiveness of Brazilian products in the international market,” according to a statement ...