Brazil offers nearly $500 million in tax and interest cuts to boost ethanol

In Brazil, the government has cut the PIS/Cofins – payroll and social security taxes – on ethanol and reduced interest rates on loans in an attempt to spur investment in the industry. UNICA says the measures will cost the government about $480 million in lost revenue this year, and is a “step in the right direction”, according to Reuters, but falls short of what it says the industry needs to get back on its feet.