Cabinet lowers tariffs on beef and certain commodities

Tariffs on imported wheat and beef, as well as fuel and cement, have been removed or reduced over the next four months in an effort to stabilize consumer prices, the Yuan executive said on Tuesday.

From yesterday to March 31, tariffs of 6.5% on wheat imports were removed, while tariffs on imported beef were halved from NT $ 10 to NT $ 5 per kilogram. , because the country depends heavily on imports for its supply of these two products. the Executive Yuan said in a statement.

Taiwan imports more than 90 percent of its beef supply and almost all of its wheat for the production of flour and other food products, the Agriculture Council said.

Photo: ANC

Nationally, the commodity tax on cement, which is usually paid by producers, has been reduced from NT $ 320 to NT $ 160 per tonne, the Executive Yuan said, adding that the costs of producing cement have been reduced. increased due to rising coal prices.

The consumption tax on gasoline was also reduced for the four-month period, from NT $ 6.83 to NT $ 5.83 per liter, while that on diesel was lowered from NT $ 3.99. at NT $ 2.99 per liter, he said.

Vice Premier Shen Jong-chin (沈榮 æ´¥) briefed Taiwan’s major beef importers and flour producers on Monday of the Cabinet’s plan, urging them to lower their prices to reflect the lower tariffs, the statement said.

Prior to the announcement of the tariff cuts, the government had frozen prices for electricity and liquefied petroleum gas until March 31, as well as the price of natural gas for last month and this month.

The measures are being implemented to help control inflation, after the consumer price index rose more than 2% year-on-year between August and October, with September’s figure reaching a monthly peak of 2, 62% to reach its highest level in 103 months.

Following the latest announcement of tariff cuts, state-owned petroleum refiner CPC Corp, Taiwan (台灣 中油) announced that as of yesterday, gasoline and diesel prices will drop NT $ 1.1 the liter in all areas.

Formosa Petrochemical Corp (台塑 石化) said it would follow suit by matching CPC’s price cuts, also effective yesterday.

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