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Brazil’s iron ore export tax petition turned down
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The petition of 10% export duty on iron ore proposed by Carlos Bandã, a Member of Parliament has been turned down by the Brazilian Chamber of Deputies.
Earlier, Mr. Carlos said that the imposition of export duty on iron ore will help to boost the Brazilian steel industry to invest.
However, this petition was rejected by the Commission of Mines and Energy of the Brazilian Chamber of Deputies which considered that the imposition will affect the country’s iron ore exports even though it may help to increase the government’s taxation.
In the first five months of this year, Brazil exported 120 million tons of iron ore with export values of 12.1 billion.
News Date
6/25/2012 9:58:26 AM
reported by
Echo Huo
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