The government has slapped a safeguard duty on imports of certain steel products to protect domestic manufacturers from cheap in-bound shipments.
The safeguard duty has been imposed on imports of hot rolled flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel.
The effective duty rate would be calculated after deducting the value of the goods and the anti-dumping duty payable when the import price is below US$504 per ton, said a Revenue Department notification.
The duty arrived at would be 10 percent in the first year and will gradually reduce to 6 percent by 2019, it said.
A 10 percent ad valorem minus antidumping duty payable will be imposed on imports up to November 22, 2017. This will be lowered to 8 percent between November 23, 2017 and November 22, 2018.
A “six percent ad valorem minus antidumping duty payable, if any, (will be imposed) when imported during the period from November 23, 2018 to May 22, 2019 (both days inclusive) at an import price below US$504 per ton on CIF basis,” it added.
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