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Brazil approves tax benefit for US$100mn Itaqui port works

Bnamericas Published: Friday, September 02, 2022
Brazil approves tax benefit for US$100mn Itaqui port works

The Brazilian government approved a tax benefit for Santos Brasil to invest 535mn reais (US$103mn) in three terminals at Itaqui port in northeast state Maranhão.

The incentives, totaling 37.9mn reais in tax exemptions, were granted under federal program Reidi, the infrastructure ministry said in a statement. 

Santos Brasil won the auction in 2021 for the lease for terminals IQI03, IQI11, IQI12, which handle bulk liquids, mainly fuel.

The company will invest the funds in the construction of storage tanks, new pumps, pipe racks and metallic structures, among others.

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