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Brazil unveils tax breaks, credit for ethanol industry
April 23, 2013 / 3:36 PM / 5 years ago

Brazil unveils tax breaks, credit for ethanol industry

BRASILIA, April 23 (Reuters) - Brazil will cut taxes and extend lines of credit for a struggling sugar cane ethanol industry that has lost market share to gasoline due to rising production costs, Finance Minister Guido Mantega said on Tuesday.

Mantega announced that Brazil’s so-called PIS/Cofins federal social security taxes, which stand at a combined 12 percent for ethanol, will be slashed to almost zero for the biofuel.

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