August 5, 2019 / 2:56 PM / 12 days ago

Brazil yet to decide whether to renew tax on imports of U.S. ethanol

FILE PHOTO: Brazil's Agriculture Minister Tereza Cristina Dias speaks during a news conference at the Itamaraty Palace in Brasilia, Brazil July 3, 2019. REUTERS/Adriano Machado

SAO PAULO (Reuters) - The Brazilian government has yet to decide whether to renew a tax on imports of ethanol from the United States, Agriculture Minister Tereza Cristina Dias said on Monday.

Dias told reporters that any liberalization of the ethanol trade between Brazil and the U.S. would need to be “gradual” so as to not harm the local industry. Brazil taxes U.S. ethanol imports by 20% above a tax free quota of 150 million liters per quarter. The scheme is expected to expire this month, but could be renewed.

Reporting by Ana Mano and Marcelo Teixeira; Editing by David Gregorio

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