The Ministry of Economic Affairs yesterday proposed a plan to halve import tariffs on lard to 10 percent for a six-month period, to boost supply from overseas and avert a potential domestic lard shortage.
The tax reduction proposal came after Cheng I Food Ltd (正義), and Ting Hsin Oil and Fat Industrial Co (頂新製油實業) announced plans to shut down factories following the scandals over the two companies making cooking oil for human consumption with oil intended for animal feed.
“It is an emergency measure to prevent a potential short supply of lard,” Minister of Economic Affairs Woody Duh (杜紫軍) said.
“The government will review the tariff again six months after the new rate takes effect,” he said.
The short-term tax reduction aims to prevent domestic prices of lard oil from dramatic fluctuations, Duh said.
Based on the initial calculation of the ministry, damage from the recent tainted oil incidents totaled NT$7 billion (US$229.88 million), which does not include the latest scandals involving Ting Hsin and Cheng I, Duh said.
The damage caused by the two companies would be larger than the previous oil scandals, Duh said.
The damage done to the reputation of the nation’s food industry is not included in the ministry’s initial estimate, he added.
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