November 20, Brazilian Finance Minister Mantega with the Automobile Manufacturers Association met President reiterated that the automotive industry will be fully restored to the industrial products tax from January 2015.

Since January 1, 2015, the small car industrial products tax from the current 3 percent to 7 percent adjustment, dual-fuel in the car tax from 9 percent to 11 percent increase in gasoline car tax from 9% to 13%.

Mo Ang said: "The government raised the tax rate is a foregone conclusion, the increase in corporate tax rates will lead to extra costs to consumers." He also announced that the Brazilian auto industry will not be layoffs, "automobile industry's employees are companies spend huge funded training together, we will not let this investment layoffs in vain. "

Mo Ang said that despite the 2015 automotive industry will face a higher tax rate, but the Automobile Manufacturers Association expects Brazilian auto sales will grow next year, but he did not disclose specific figures.

Affected by the financial crisis in developed countries, since 2011, a sharp slowdown in economic growth in Brazil. To this end, in December 2011, the government announced a series of measures to stimulate the economy with tax cuts and relaxed lending as the core, get a tax cut of industrial sectors including automotive, home appliances, food and civil construction.

The Brazilian government believes that tax cuts for the automotive industry to maintain the industry has played a stimulating production and consumption purposes, 2012, car sales in Brazil reached a record 3.8 million. 2013, car sales for 3.77 million, the first decline in 10 years.