Four Oil Products Allowed Duty-Free Import

To stabilize prices and rationalize taxes on petroleum products, and thus strengthen the competitiveness of Taiwan’s oil-products market and promote market liberalization as well as increase diversity of choice for consumers, the Executive Yuan recently approved a revision of customs duty rules to reduce import duties on gasoline, aviation fuel, kerosene, and diesel fuel to zero, from the current 5% and 10%. The bill has been sent to the Legislative Yuan for deliberation.

The Ministry of Finance indicates that Taiwan’s taxes on gasoline and other oil products are higher than those in Korea and Singapore, and that reduction of the import duty to zero can strengthen the incentive for enterprises to enter the island’s domestic oil-products market. This will help stabilize prices and expand the liberalization of the market.
   

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