TAXES REDUCED ON IMPORTS OF MEAT, GRAINS

Dünya Executive - - OVERVIEW -

A new regulation requiring imports of meat, wheat, barley and corn to have an inspection certificat­e was published in the Offficial Gazette on Friday. According to the new notice, carcass meat valued below $4,500 per ton and wheat, barley and corn valued at $200 per ton will be inspected for import. Those products will only be imported with an inspection certificat­e issued by Economy Ministry. The validity period for such inspection certificat­es is six months. The new rule is not expected to prevent significan­t imports, because the total amount of imported goods that surpass the recorded amount is 5 percent or less. The import tax on cattle meat will be reduced to 26 percent and for carcass meat to 40 Percent, according to an addition decision published in the Official Gazette on Tuesday. The import tax for ordinary wheat, impure wheat, einkorn and some barley types from Bosnia and Herzegovin­a are set to zero and reduced to 40 to 45 percent for imports from European Union and European Free Trade Associatio­n countries, South Korea and others. Flint corn and other imports will be taxed at 25 percent, excluding Bosnia and Herzegovin­a. Import taxes on these products is currently about 130 percent.

Minister: Taxes may be increased again Agricultur­al Minister Faruk Celik said the new tax rates will not hurt local producers’ profits. He also said the taxes could be increased again in the event Turkish producers are adversely affected. “We know the cost of our producers. I say that no business will be allowed that may hurt the costs and profits of our producers,” Celik told reporters. “Whether it is the tax rates for cereals or red meat, all tax reductions aim not to harm producers, but will be used against the speculativ­e players in the market.”

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