The tax is intended to ensure fair business practices and levels the playing field for domestic producers and exporters compared to international producers and exporters.
According to an office memorandum from the Department of Revenue, the government has decided not to apply antidumping duties on imports of flat-rolled stainless steel goods from 15 countries, including China, Korea, the European Union, Japan, the United States, and Singapore. After determining in a study that the dumping of products harmed local industry from these nations, the commerce ministry’s investigative arm, DGTR, proposed imposing a five-year tariff on the product in December last year.
The tax should be in the range of USD 67 per tonne to USD 944 per tonne, according to the Directorate General of Trade Remedies (DGTR). A complaint from the domestic industry prompted the investigation. While the directorate proposes these responsibilities, it is up to the Department of Revenue to decide whether or not to apply them.
“The basic management has decided not to impose the antidumping duty proposed in the said final findings on imports of flat-rolled stainless steel products from China, Korea, the European Union, Japan, Taiwan, Indonesia, the United States, Thailand, South Africa, the United Arab Emirates, Hong Kong, Singapore, Mexico, Vietnam, and Malaysia,” the memorandum stated.
Dumping is a term used in international commerce to describe a country or a company that exports goods at a lower cost than the commodity’s local market price. Dumping lowers the cost of a product in the importing country, reducing production margins and profits.
According to international trade rules, a government is authorized to levy tariffs on subsidized goods to level the playing field for local producers.
Prittle Prattle News has curated this article.
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