The Ministry of Finance (MOF) issued a new decision July 28 on new regulations for preferential export and import tariffs to be applied beginning September 15.
|New preferential export and import tarriffs will be applied from September 15.|
Tariffs on sixteen goods, most of them produced in the country, have increased, while 117 goods-groups made a reduction adjustment.
Civil electrical and electronic products are now set for favored nations at an import tariff of 30%-40%, down from 40%-50%.
Many tariffs have been cut by as much as 35%, such as aviation industry materials and other products that can not be produced in the country.
The import tariff for whole motorbikes is also reduced from 100% to 90%.
On the other hand, tariffs on zinc-plated and painted corrugated irons increased from 10% to 12% and the tariff on rolling cool steel increased to 7%.
With the new tariffs, tax categories have been re-divided and the number of tax headings has increased to over 400 headings.