Brazil extends beneficial tax regime for ports

Brazil’s official gazette of December 31, 2007 published Provisional Measure 412, which extends until December 31, 2010, the special tax regime (REPORTO) applicable to imports and local purchases of machinery and equipment destined for Brazilian ports.
REPORTO, created in 2004, suspends the IPI, COFINS and P.I.S. for domestic purchases or imports, by port operators, of machinery and equipment used in the loading, unloading, and movement of cargo.