The Rio Times reports that the Brazilian Federal Reserve has introduced a solution for the temporary entry of goods for the FIFA World Cup in June and the 2016 Olympics. Items entering the country needed for international sporting events such as production equipment and sporting gear will now have a simplified import admission system that will allow companies to forgo import taxes and ultimately save time.
Under the new rule, goods will go through a warehouse customs procedure and be admitted only for the duration of the specific events. This system will remain in place for future major exhibitions, fairs, and conferences.
In a statement, the Receita Federal (Brazil’s Internal Revenue Service) explained that the change was possible because the government agency considered the locations of the international events as temporary customs precincts. Importation to Brazil is widely considered expensive, partly due to taxes and fees along with the length of time it takes, which on average, currently takes approximately thirteen days to reach customs.
Read the story here.