MOF to increase taxes on imported goods
The Ministry of Finance is planning to adjust taxes on some products to discourage their importation in order to curb inflation.
Eleven groups of products will be taxed an additional 5-10 per cent. The taxes currently imposed for these products are more than four percent lower than the World Trade Organisation’s regulated levels for 2011.
Accordingly, import taxes for ink-jet printers will increase from 0 to 5 per cent, tobacco tax will rise from 30 per cent to 50 per cent, and tax on magnetic tape for video recording will go up 15 per cent, respectively.
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