To: Seeker of Truth who wrote (1567 ) 10/27/2005 7:00:37 AM From: elmatador Respond to of 218085 Lula's Export Tax Cuts pass; Bill Goes to lower House Brazilian Senate passed President Luiz Inacio Lula da Silva's executive order to give tax incentives to exporters after ruling coalition and opposition lawmakers widened the scope of the proposal. The bill should help reduce the cost of new factory investments by about 11 percent and secure as much as $20 billion of export-oriented investment by the end of 2006, Industry and Trade Minister Luiz Fernando Furlan said in April. bloomberg.com ELMAT: Couple this with the proposed tax cuts and things start looking up. (A caveat though now he can't pay for the lawmakers' votes :-) Oct. 26 (Bloomberg) -- The Brazilian Senate passed President Luiz Inacio Lula da Silva's executive order to give tax incentives to exporters after ruling coalition and opposition lawmakers widened the scope of the proposal. Senators approved the incentives, worth 3.3 billion real ($1.5 billion) a year, and the lower house must vote on them by tomorrow to make them permanent. The measure eliminates all taxes on exports for makers of pharmaceuticals, machinery, semiconductors and software that ship four of every five of their products abroad. To win the passage of the bill, known as MP-255, the government extended the deadline to renegotiate city debts with the federal government to 240 months from 60 months currently. In addition, the northern state of Amapa and as many as four municipalities in northern Para state were given the status of free-trade manufacturing zones, making them equal to Manaus, the capital city of Amazonas state. With that designation, makers of technology products based in those regions are exempted from paying taxes on manufacturing. ELMAT: Well, he had to "sweet" the deal for Sarney. The bill should help reduce the cost of new factory investments by about 11 percent and secure as much as $20 billion of export-oriented investment by the end of 2006, Industry and Trade Minister Luiz Fernando Furlan said in April.