The Ministry of Finance will propose a tariff cut program covering some 4,000 import items ahead of the nation's accession to the WTO, the Chinese language media reported yesterday.
Indeed, the Ministry of Finance submitted a comprehensive tariff adjustment proposal to the Executive Yuan earlier this month, aiming to revise the current tax laws on some 5,000 import items, including tariff cuts on the above-mentioned 4,000 items.
The proposal was expected to be approved by the Legislative Yuan after its new session to start Sept. 18, the reports said.
Among the 4,000 items, 10 spirits including brandy and whisky would be made tariff-free while the average tariff rate for all tobacco and alcoholic drinks would be cut to 18.01 percent from the current 26.32 percent, the reports said.
Meanwhile, automobile parts and 22 agricultural products including chicken meat, milk and peanuts would also enjoy lower import duties, according to Directorate General of Customs under the Ministry of Finance.
The average tariff rate for imported industrial goods will be cut to 5.78 percent from the current 6.03 percent by next year before it goes down to 4.28 percent by 2004, the reports said.
As for imported agricultural products, the average tariff rate would be cut from 20.02 percent to 14.01 percent by next year and to 13.33 percent by 2004, the reports added. As the Legislative Yuan already passed the new Wine and Tobacco Tax Law in late March of last year -- which would put an end to the government monopoly on the sale of wine and tobacco products in the domestic market, the locally developed wine and tobacco products are expected to encounter extensive price hikes.
The reports said the price of "red-label" rice wine (紅標米酒) per liter, for instance, is expected to rise from the current NT$90 to NT$185 -- with the price of a bottle increasing from NT$20 to NT$78 -- during the first year Taiwan enters the world trade body.
Taiwan is expected to follow China into the WTO after trade ministers from the 142-nation world body formalize the agreements in their meetings in Doha, Qatar, from Nov. 9 to Nov. 13.
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