Updated common nomenclature of the Mercosur* trading block and new units of measures for foreign trade apply beginning 1 January 2019.
*Argentina, Brazil Paraguay, Uruguay, and Venezuela comprise the Mercosur trading block, and five countries—Bolivia, Chile, Colombia, Ecuador, and Peru—have associate member status.
In view of these changes, companies need to consider establishing a schedule for reviewing the tax classification of their products, to evaluate possible classification implications and, if needed, to update the database and applicable rates to avoid exposures in their operations and import-export transactions. In addition, for import or export processes not yet cleared or completed prior to the new classification, documents will need to be changed and adapted to the new classifications.
Read a January 2019 report (Portuguese) prepared by the KPMG member firm in Brazil
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