Govt cuts import duties

JAKARTA (JP): The government has cut import tariffs of raw materials for the production of automotive components down to five percent from a range of between 10 and 20 percent.

The Ministry of Finance said on Tuesday that the cut in the import tariffs, which was effective beginning in April, was needed in order to support the local auto parts industry.

The measure would affect all the raw materials for the manufacturing of automotive components such as rolled and coated steel sheets, carbon steel rods, ignition wiring sets, aluminum alloy bars and refined copper wire.

The import tariff dispensation would also cover the raw materials for the production of electronic components.

The ministry said that those interested in taking advantage of the import tariff facilities should submit their requests to the Directorate General of Customs and Excise. (07)