New import duties designed to boost local trade and industries
2 months ago
New import duties designed to boost local trade and industries
The Cabinet of Ministers has approved a set of import duty changes this week, aimed at benefiting various sectors from manufacturing to trade. The new measures will revise customs duties for a wide range of goods, including brown sugar, footwear, packaging materials, electrical machinery, plastics, and raw materials for the rubber industry, affecting 225 Customs codes.
These adjustments are designed to lower costs for consumers and stimulate local production, addressing feedback from local industry and trade stakeholders. Notably, import duties on baby and adult diapers, along with absorbent materials, will be reduced, making these essentials more affordable. Additionally, new tax measures will encourage plastic recycling and reduce plastic use.
The revisions also address inconsistencies in import levies impacting sectors such as bicycles, printing, washing machines, lighters, and children’s garments. New Customs codes will promote palm product exports and clarify classifications for electrically operated toys and long pepper, important in traditional medicine.
The updated tax structure will be implemented through ordinances under various acts, including the Revenue Protection Act, the Export Development Act, and the Special Commodity Levy Act. Further adjustments will be made under the Ports and Airports Development Levy Act and the Import and Export (Control) Act to ensure comprehensive compliance.
Source: Daily Mirror