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Import tax nixed in lieu of ASEAN integration

Import tax nixed in lieu of ASEAN integration

The government issued a sub-decree yesterday for the reduction and elimination of import tariffs, in line with requirements for the ASEAN economic integration.

A release from the General Department of Customs and Excise said the move will take effect from January 10 and will be applicable to all products originating from ASEAN countries.

Importers must comply, the release said, with the requirements set out by the Ministry of Economy and Finance, which are based on the 2012 ASEAN Harmonized Tariff Nomenclature agreement.

While import taxes will drop to zero, importers will still be expected to pay other local taxes, such as value-added tax.

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