Brazil exempts beef industry from tax

The Brazilian government has published a decree that exempts the country's beef industry from paying a local tax.

The tax represented 9.25 percent of gross sales on the domestic market, according to JBS S.A., who announced the news.

The rule will be effective as of November 1.

JBS welcomed the move, saying this will benefit the whole beef production chain from ranchers to consumers through the processing sector, making beef and beef products more affordable.