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Customs tax raised for over 100 products

Imported and domestic food products in Mongolia

By Ch.KHALIUN

The Ministry of Industry decided to increase customs tax tariffs by five to twenty percent for over 100 goods in 14 categories, a decision made under the ministry’s policy to support domestic products replacing imports.
The Industry Ministry declared 2016 the year for supporting domestic production and sales. The ministry says it is taking several measures to protect the domestic market and increase sales, one of which is increasing customs taxes on imported goods.
Last year, the ministry increased customs taxes on over ten products in five categories, which it says positively resulted in decreasing import volume and intensifying domestic production. This year’s move to raise customs taxes will apply to 100 milk and dairy products, vegetables, building materials, and animal products used for raw materials. The Ministry of Industry believes that these products can be produced domestically in accordance with quality standards to meet consumer and industrial needs.
The changes made to customs tax tariffs will be effective on May 1.

Short URL: http://ubpost.mongolnews.mn/?p=19488

Posted by on Apr 27 2016. Filed under Business & Economics. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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