November 29 (Renewables Now) - Brazilian president Jair Bolsonaro has vetoed a bill that allows tax exemptions for solar equipment imports, the House of Representatives announced on Thursday.
The exemption would apply only if there are no similar models produced in the country.
According to the message published in the Official Gazette, Bolsonaro's veto comes following a recommendation by the Ministry of Economy, which says the bill does not present compensation measures to avoid impact on the government's fiscal target, as determined by the country's laws.
The 8322/14 bill was approved in September by the Constitution, Justice and Citizenship (CCJ) Committee of Brazil's House of Representatives. The president's decision to veto the bill will now be analyzed by the National Congress in a joint session of deputies and senators.