Manaus Free Zone Seeking To Encourage New Projects
by Mike Godfrey, Lowtax.net, Washington
25 August, 2015
Brazil's Superintendency of the Manaus Free Trade Zone (SUFRAMA) announced on August 24, 2015, that it is seeking to simplify the procedures for setting up and operating projects in the free zone.
The head of SUFRAMA, Gustavo Igrejas, said that the free zone is reviewing Resolution 203, which contains regulations for setting up and monitoring industrial projects in the zone, to cut red tape.
He also said that SUFRAMA is reviewing the rules concerning the allocation of research and development (R&D) funds, as well as the rules for companies established in the agricultural district.
Igrejas said that it is hoped the regulatory changes will be approved by SUFRAMA's Board of Directors by the end of this year.
Companies established in SUFRAMA enjoy a number of tax incentives, including exemption from import duties and export duties, and exemption from the PIS/PASEP and COFINS social security contributions for all operations within the free zone.
The free zone announced on August 20, 2015, that sales by companies based in the zone during the first half of this year were down 8.4 percent year-on-year to BRL37.8bn (USD10.8bn).
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