Home / Knowledge / News / Textiles / Textile sector to benefit from tariff elimination
Textile sector to benefit from tariff elimination
04
Aug '08
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

Must ReadView All

Textiles | On 23rd Mar 2017

South Korean Samil Spinning acquires Buhler Quality Yarns

South Korean yarn producer Samil Spinning has acquired US based...

Apparel/Garments | On 23rd Mar 2017

E-retailers to pay up to 1% TCS under GST

E-retail marketplaces will need to deduct up to 1 per cent tax...

Textiles | On 23rd Mar 2017

Lanxess to expand chemical intermediates capacity

The Advanced Industrial Intermediates business unit of German...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search