GENEVA (Reuters) - Brazil won part of its appeal at the World Trade Organization on Thursday in a dispute over its industrial stimulus programmes, successfully challenging an earlier ruling that had faulted tax breaks for predominantly exporting companies and capital goods.
Most of the earlier ruling, in the case brought by Japan and the European Union, was upheld, with Brazil found to have violated WTO rules with various tax programmes aimed at promoting Brazilian production of high-tech goods and automobiles.
Those programmes provide exemptions, reductions, or suspensions of certain federal taxes and contributions that were ruled to unfairly discriminate against foreign producers.
But the WTO Appellate Body ruling, which is final, also withdrew a requirement for Brazil to remove some of the programmes within 90 days, instead saying it must do so without delay.
(Reporting by Tom Miles, editing by Stephanie Nebehay, Richard Balmforth)
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Updated Date: Dec 14, 2018 00:08 AM