Brazil's Ministry of Economy has issued a release announcing a reduction in the current rates of the federal tax on manufactured products (IPI) by 25% for the majority of products, while the rates for some vehicles will be reduced by 18.5%. The rate reduction is provided by Decree No. 10.979, which was published and entered into force on 25 February 2022. According to the release, the IPI rate reduction is meant to allow for increased productivity, lower intersectoral tax asymmetry, and mor…