In order to counteract the effects of soaring material costs and the consequent cost of production, the Ministry of Strategy and Finance has decided to completely withdraw tariff on 41 imported goods from next month to the end of this year.
The decision has been taken under the quota tariff scheme that allows countries to temporarily raise or reduce import tariffs by up to 40 percentage points for stabilizing domestic prices.
In an exclusive interview with Fibre2fashion, Mr Jaeho Jung (Dy Director) Custom and Cooperation Division confirmed the information saying, “Tariff rate on a total of 41 different products have been eliminated including those related to textiles like silk and cotton yarn for which tariff stood at 8 percent, and rayon yarn and artificial staple fibre for which tariff imposed were at around 2 percent.”
In all, the amount exempted by the ministry is expected to touch Won150 billion. However, Mr Jaeho also stated that the provision for elimination is only temporary and will be valid till the end of this year after which it will be reviewed again.
Fibre2fashion News Desk - India
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