FTI demands customs duty reduction for silicon steel

Thursday, 09 June 2005 11:49:00 (GMT+2)   -  

Tags: quotas & duties | similar articles » SteelOrbis News

The Federation of Thai Industries (FTI), in an effort to help domestic users of silicon steel, demanded that the Finance Ministry reduce customs duties on said product. The FTI argues that the customs duty on silicon steel should be lowered to 1% so that the burden on local industry is lifted. The current rate is 15%, which means that manufacturers find themselves collectively paying over TBH 3 billion ($73.6 million) in duties. A draft of the FTI's demands was taken to the government in December 2004; however, no legislation concerning the issue has been passed as of yet. The FTI claims that unless a law is laid down with immediate effect, local users will continue to be penalized and thus lose their competitiveness.