Commodity tax reductions extended

29 March, 2022

Courtesy of ICRT


The cabinet says it plans to extend the removal of business tax on imported corn, wheat, soybeans and other commodities until the end of June.


The move is part of on-going government efforts to stabilize consumer prices.


The tax exemption is also aimed at alleviating pressure on livestock farmers who use corn and soybeans as animal feed, edible oil manufacturers, and businesses that produce baked goods and noodles.


The government first announced last month that the tariffs would be reduced from 7 February until 30 April, but is now seeking to extend that reduction and exemption period.


The price of natural gas and bottled gas for household use will also remain unchanged until the end of June.


According to the Cabinet, the war in Ukraine has impacted the global food and energy supply chains, and the extension of the tariff reductions and exemptions, and the freeze in gas prices is geared towards stabilizing prices and countering possible fluctuations in industry costs.

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