TAX PROCEDURE FOR CORNMEAL AND CORN OIL IS NOW IDENTICAL TO THAT FOR SOYBEANS

Cornmeal and corn oil, like soybeans, are now exempt from taxes under Law No. 14,943, which came into effect on Thursday (1). As a result of the new law, sales of these products will be exempt from the PIS/Pasep and Cofins taxes. According to Minister of Agriculture Carlos Fávaro, the project improves competitiveness and increases corn ethanol production. The tax break will save money along the production chain, resulting in lower meat prices for consumers. The law allows companies to deduct claims presumed from contributions, calculated on the revenue from the domestic sale or export of cornmeal and corn oil.
Source: Gov.br (Governo Brasileiro) (*Translated by Ia Niani)