MOF to increase taxes on imported goods

April 17, 2011 | 13:27
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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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