February 16, 2012

Taiwan extends milk powder tariff cuts

Milk powder's tariff cuts in Taiwan will be lengthened to six more months up to August 9, the Ministry of Finance said Tuesday (Feb 14).

This was after the original period of reduced tariffs ended last week, Taiwan's Official Central News Agency reported.

The tariffs on whole milk and skimmed milk powder have been cut by 50% in response to the rising price of imported milk powder, the ministry said.

The decision to extend the tariff cuts on the two products, which expired February 9, was made January 17 to stabilise prices in the domestic market, officials said.

The ministry estimated revenue losses of TWD$60 million (US$2.02 million) from the tariff cuts, the news agency said.