Chinese e-commerce retailer Temu, owned by Pinduoduo Inc. (NASDAQ: PDD), has taken a significant step towards launching its operations in Brazil. The company has obtained a tax advantage that exempts imported goods of up to $50 from import duties from the Brazilian government. This development was confirmed today on the website of Brazil’s federal revenue office.
The tax advantage is part of Brazil’s “Remessa Conforme” program, which provides competitive advantages to cross-border retailers operating in the country. Temu’s entry into the Brazilian market has been anticipated for several months, with local media highlighting the company’s preparatory activities, although specific details of its operations continue to remain undisclosed.
Temu’s entry into Brazil positions it alongside other leading online shopping platforms such as Chinese Shein and Singapore-based Sea Group’s Shopee, which have already established significant presence in the Brazilian e-commerce space.
As of today, Temu has not commented on the tax advantage certificate. However, a statement on Temu’s Brazil website address indicates that its services are expected to be “soon” available in Brazil, signaling its imminent expansion into the largest economy in Latin America.
Source: investing.com
