Brazil's Ministry of Economy has issued a release announcing a further reduction in the rates of the federal tax on manufactured products (IPI). As previously reported, IPI rates were reduced by 25% for the majority of products in February 2022 through Decree No. 10.979, while the rates for vehicles were reduced by 18.5%, and tobacco products were excluded from the reduction. According to the release, the IPI rate reduction is increased to 35% by Decree No. 11.055, which entered into force on 29 April 2022 and took effect on 1 May 2022. The 18.5% reduction for vehicles and the exclusion...