Tax exemption for auto parts manufacturers expected to generate a positive impact on new investments, Peña states - .::Agencia IP::.

President Santiago Peña, during a visit to an auto parts industry, anticipates that Paraguay's achievement in securing a retroactive tax exemption for auto parts companies producing within its borders and selling to the Brazilian market will lead to a significant influx of new investments in the sector.

President Santiago Peña on a visit to an auto parts industry.

Asunción, Agencia IP.- President Santiago Peña, during a visit to an auto parts industry, anticipates that Paraguay’s achievement in securing a retroactive tax exemption for auto parts companies producing within its borders and selling to the Brazilian market will lead to significant new investments in the sector.

«This is a very positive signal that will quickly generate an impact on new investments in the auto parts industry and create new jobs,» stated the Paraguayan President following the official announcement of Brazil’s decision.

The President noted that with the decision made through a presidential decree signed by President Luis Inacio «Lula» Da Silva, the retroactive charges for auto parts manufacturing companies, amounting to nearly $100 million, have been eliminated.