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Pork industry welcomes tax break

The payroll tax relief announced on Thursday (September 13) by Brazil's Finance Minister, Guido Mantega, will help the pork industry face up to the current scenario of high costs, which are squeezing margins, said the association which represents the industry.

"The measure is very positive and timely, as it will help the industry to face a difficult situation, with rising production costs due to high input prices, mainly for soybean meal," said the president of the Brazilian Association of Pork Producers and Exporters (Abipecs), Pedro de Camargo Neto.

"The main benefit of the payroll tax relief is to make the sector more competitive against the United States, the European Union and Canada," he added.

Information provided by Reuters
 

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