The government said yesterday it would cut tariff rates on eight major commodities for six months, effective Aug. 6, to offset rising prices.
Government Information Office Spokeswoman Vanessa Shih (史亞平) said the Cabinet task force on stabilizing commodity prices, led by Vice Premier Paul Chiu (邱正雄), agreed on the measure at a weekly meeting.
The cut is the third time the government halves tariffs on commodities since last August.
Tariffs on durum wheat and certain other grains will be cut from 6.5 percent to 3.25 percent, while those on wheat flour will be cut from 17.5 percent to 8.75 percent. The 6 percent tariff on corn flour will be scrapped.
Tariffs on wheat groats will be cut from 20 percent to 10 percent and on soybean flour and soybean meal from 3 percent to 1.5 percent. The tariffs on brewing and distilling dregs and waste — 3 percent — and on corn meal and corn groats —10 percent — will be eliminated.
The Ministry of Finance estimated a loss of NT$400 million (US$13.17million).
Meanwhile, the task force conducted a review of low-cost product areas set up by six hypermarkets and supermarkets chains at 761 outlets countrywide last month.
The companies agreed to a government proposal last month to offer select commodities at lower prices, including rice, milk powder, vegetable oil, soy sauce, eggs and toilet paper.
Shih said another 200 stores run by state-owned businesses Taiwan Sugar Corp and CPC Corp, Taiwan (台灣中油) would soon set up low-cost product areas.
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