The Ministry of Finance yesterday announced it would temporarily reduce the tariff for imported infant milk powder, formula milk powder and other milk powder by 50 percent for six months to stabilize the price and supply of the products.
“The ministry’s customs tariff committee decided to flexibly lower the tariff for milk powder in view of the continuing high import prices for these products, which could be considered necessities for life,” Deputy Minister of Finance Hwang Ding-fang (黃定方) told a press conference.
The tariff for imported infant milk powder would be lowered to 2.5 percent, from the current 5 percent, with those for formula milk powder and other milk powder reduced to 6 percent, from 12 percent, Hwang said.
Photo: CNA
That means the tariff for imported infant milk powder, with a duty assessment of NT$248 (US$8) per kilogram this year, would be lowered by NT$6 per kilogram, ministry statistics showed.
For imported formula milk powder, with a duty assessment of NT$227 per kilogram this year, the tariff would be cut by NT$13 per kilogram, data showed.
Hwang said the finance ministry hoped the cut in tariffs would be immediately factored into milk powder prices and that the Ministry of Economic Affairs would liaise with milk powder suppliers for further details.
The overall tax revenues for formula milk powder totaled NT$103 million in the first six months of this year, while those raised from infant milk powder and other milk powder amounted to NT$22 million and NT$19 million for the half-year period respectively, the finance ministry said.
The decreased tariff is scheduled to last for six months, with the effective date still pending Cabinet approval, Hwang said, adding that the finance ministry would submit the committee’s decision to the Cabinet in one or two days.
“We hope the decision to reduce the customs tariff could take effect this month,” Hwang said.
The committee yesterday also extended the cut in tariffs on butter, anhydrous milk fat, corn powder and soybean flour for six months, and suspended the flexible tariff reduction on cane sugar and other refined sugar amid steady supply and demand on these products.
The tariff for butter and anhydrous milk fat would remain lowered by 25 percent at 3.75 percent and 6 percent respectively, while those for corn powder and -soybean flour would be cut by half to 3 percent and 1.5 percent respectively, finance ministry statistics showed.
The cut would lower the ministry’s tax revenue by NT$18 million for a half year, data showed.
The tariff reduction for these four imported products, which was set to end on Nov. 30, is now scheduled to end on May 31 next year, the finance ministry said.
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