Sun. Apr 14th, 2024

Indonesia has decided to levy anti-dumping tax on steel imported from
China, Japan, the Republic of Korea, Vietnam and Chinese
Taiwan to protect its local producers.

According to
Head of the state income policy center at the Finance Ministry’s Fiscal
Policy Agency Astera Primanto Bhakti, the additional duties, ranging
from 5.9 to 55.6 percent, will be applied to steel imported these five
countries and territories for three years.

The
maximum level of 55.6 percent will be levied on Japan’s Nippon Steel
Corporation and Sumitomo Metal Industries Ltd, while the lowest of 5.9
percent on Taiwan-based SYNN Industrial.

The
decision on the additional tax, which had been approved by the
Indonesian Ministry of Trade, was signed by the Finance Minister on
March 19 in compliance with a proposal of the Indonesian Anti-Dumping
Commission.

The commission’s Chairman Bachrul Chairi
said that the decision came out following an investigation conducted on
cold-rolled coil and sheet imports since June 2011 upon an appeal filed
by Krakatau Steel, the biggest steel producer of Indonesia ,
claiming that it had suffered significant loss due to foreign imports
sold at lower prices in the domestic market.

The commission had requested the maximum anti-dumping tax rate of up to 74 percent, the chairman added.

In October 2012, the Ministry of Finance imposed the anti-dumping tax
on steel and hot sheet imported from China (10.47 percent), Singapore
(12.33 percent) and Ukraine (12.5 percent) upon request of the
commission.-VNA

By vivian