Friday, June 14, 2024

MoF revises tariff book


Ministry of Finance (MoF) revises the tariff book that shows massive rate changes on industrial inputs and some basic commodities.
The tariff book that issued on Friday has 371 pages and includes over 8, 000 items.
On its twits, the ministry said that in order to encourage the growth of the manufacturing sector in Ethiopia, the tariff book with over 8,000 line items for raw material, intermediate goods, and capital goods has been revised.
Capital reviewed the book in which most of the industrial materials rest either on zero tariffs or mostly on the least tariff of five percent.
Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes, ores, slag and ash, inorganic chemicals organic chemicals are some of the industrial inputs that rested on free from tariff except some of the items which are mainly included under five percent.
On its statement MoF said that the tariff change has focused on agriculture and the manufacturing sectors in order to support them on local production and import substitutions.
The tariff revision has been conducted under a committee that comprised members from different ministries including MoF, Ministry of Trade and Industry, and Ministry of Revenue.
The revision has also considered easing finished goods but basic necessities.
The statement of MoF said that the book has also considered encouragement of local production against similar import items.
“It states that products that are produced locally with competitive capacity and quality with imported items have got preferential treatment whilst imported items have been imposed with high tariff,” it added.
The book is expected to be aligned with the ten year economic plan of the country.

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