The Brazilian government is set to implement a significant increase in import tariffs on over 1,200 items, with expectations of raising between R$ 14 billion and R$ 20 billion in revenue starting from March 1, according to the Independent Fiscal Institution (IFI). This measure, published in the Official Gazette on February 4, targets categories including information technology and telecommunications products, as well as capital goods, such as machinery and equipment. The increased tariffs range from 7.2% to 20%, although some items, including nuclear reactors, which are not produced domestically, will remain unaffected by these new rates.

The decision to raise these tariffs was made by the Executive Management Committee (Gecex), which includes representatives from ten government ministries. The basis for this decision stemmed from a technical note prepared by the Economic Policy Secretariat (SPE) within the Ministry of Finance. Marcus Pestana, the executive director of IFI, mentioned that these changes are part of the government's broader strategy to bolster revenue amid ongoing economic challenges in Brazil.

This increase in tariffs may provoke mixed responses from different sectors of the economy. While it aims to enhance government revenue amid fiscal pressures, it may also result in higher costs for consumers and businesses reliant on imported goods. The impact on the overall economy, particularly for sectors dependent on technology and machinery imports, remains to be seen, and policymakers will need to monitor the situation closely as the implementation date approaches.