South America Calling
Alastair Stewart South America Correspondent
Wed Sep 10, 2014 12:35 PM CDT

Brazil's Finance Minister Guido Mantega announced Wednesday the government will offer tax credits on exports of sugar and ethanol to offset the heavy indirect tax burden.

The credit will be capped at a modest 0.3% of the value exported this year, but the ceiling rises to 3% in 2015. That represents a significant break for an industry that traditionally exports approximately 70% of its sugar production.

The move is obviously electorally motivated. President Dilma Rousseff's main rival in the October election, Marina Silva, has pledged to help regenerate the sugar and ethanol industry, which has suffered amid the current government's ...

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