Brazil's President Luiz Inacio Lula da Silva April 9 signed a decree creating the regulatory organ for companies in special export processing zones to receive tax advantages.
These zones, called ZPEs, were created by a 1988 law, and although 17 of them have been approved, they have never become operational because of disputes over their rules and other regulatory questions. In June 2008, the rules passed Brazil's congress, but they could not take effect without the presidential decree signed by Lula.
The decree established a special governmental council that will be responsible for overseeing the export zones. “This is not a new process and most countries have export zones that function with great success. Here in Brazil the only thing that was missing was the regulation of the zones,” said Minister of Development and Trade Miguel Jorge.
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