Some of the tariff cuts on imported commodities and goods, introduced in Taiwan as early as December 2021 to ease the impact of inflation caused by geopolitical tensions on local businesses, are to be extended to March next year, the Executive Yuan announced on Friday.
The ongoing war between Russia and Ukraine, the recent conflict between Israel and Palestinian group Hamas, as well as increasing natural disasters caused by climate change, have led to drastic fluctuations in the prices of international crude oil and commodities, such as soybeans, corn and wheat, the announcement said.
The announcement was made after a meeting of the Price Stabilization Committee led by Vice Premier Cheng Wen-tsan (鄭文燦). It was decided that the business tax on imported soybeans, corns and wheat waived since February is to remain until March 31.
Photo: CNA
Import tariffs on wheat are also to continue being waived, while customs duties on butter, milk powder for baking and frozen beef are to be halved, according to the Executive Yuan.
The 50 percent cut to the commodity tax on Portland cement Type 1 would be extended, as well as the NT$2 per liter cut on gasoline prices and the NT$1.5 per liter cut on diesel, according to the announcement.
Cheng also asked that ministries and other government agencies keep close communication with businesses and business groups to ensure that the tariff cuts would be reflected in product prices.
The Fair Trade Commission should investigate businesses that are engaged in concerted actions to raise prices, and work with the Ministry of Justice’s joint prices monitoring task force to deter price gouging, Cheng said during the meeting.
In September, the local consumer price index (CPI) rose 2.93 percent from a year earlier, the highest rise since January, when it rose 3.05 percent.
In the first nine months of this year, Taiwan’s CPI grew 2.36 percent from a year earlier, with core CPI up 2.64 percent, both above the central bank’s 2 percent target.
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