Temu moves closer to Brazil debut with approval for tax benefit
Tweet
Share
E-mail
FILE PHOTO: The logo of Temu, an e-commerce platform owned by PDD Holdings, is seen on a mobile phone displayed in front of its website, in this illustration picture taken April 26, 2023. REUTERS/Florence Lo/Illustration/File photo
SAO PAULO (Reuters) - Chinese e-commerce retailer Temu has been certified for a tax benefit program by Brazil's government that exempts goods up to $50 from import fees, according to the country's federal revenue office's website on Monday, bringing the company closer to expanding its business to Latin America's largest economy.
WHY IT’S IMPORTANT
Inclusion in Brazil's tax exemption program "Remessa Conforme" is an advantage most cross-border retailers have in the country. Local media have reported Temu has been preparing the groundwork to enter Brazilian markets for a few months, although little detail is known so far.
CONTEXT
Temu is a popular shopping app from China's Pinduoduo. Its rivals Shein, from China, and Shopee, owned by Singapore's Sea, are already huge online shopping platforms in Brazil.
THE RESPONSE
Temu did not immediately respond to a Reuters request for comment. Its Brazilian website address said on Monday that Temu's services should be available "soon" in the South American country.
(Reporting by Luana Maria Benedito and Patricia Villas Boas; Editing by Chizu Nomiyama)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oracle workforce shrinks by about 13%
- Micron, Anthropic sign AI infrastructure supply agreement
- Trump: 'I will do what I have to do' if Iran does not stick to deal
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
