By EDUARDO BRAVO LOSADA, CPA
Government levy aims to save jobs but luxury car maker takes major hit
BMW, the world's largest luxury automaker, posted a 30 percent drop in first-quarter sales in Brazil due to a tax rise for imported cars. In an effort to protect jobs and automakers with factories in Brazil, the government levied a 30 percentage-point increase in its industrial products tax on vehicles with less than 65 percent of their parts produced in the country. The tax increase took effect in January and is on top of the 35 percent import duty already charged in Brazil, Bloomberg reports.
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