February 14, 2022
Taiwan's tariffs on corn, soybeans and wheat to be slashed
Taiwan's tariffs on corn, soybeans and wheat will be reduced over the next three months, in a bid to stabilise consumer prices and lessen the burden on the food and beverage industry, the country's cabinet said this month.
From February 7 to April 30, the business tax on imported corn, soybeans and wheat will be removed, Cabinet spokesperson Lo Ping-cheng told reporters after a meeting on the issue chaired by Premier Su Tseng-chang was concluded.
The tax exemption will alleviate pressure on livestock farmers who use corn and soybeans as animal feed, edible oil manufacturers and businesses that produce baked goods and noodles, Lo said.
The new measures are taken following a surge in the price of corn, soybeans and wheat due to a reduction in global yields caused by climate change and pandemic-related supply chain disruptions, Lo said.
- Focus Taiwan