The Malaysia Department of trade and Industry: 3 years 11 to 14% tax on imported steel

According to Malaysia media "Sin Chew Daily" reports, the Malaysia Ministry of international trade and industry (hereinafter referred to as the "trade ministry") pointed out that the government has decided to levy tariffs to protect the imported steel and threaded rod set between 11 and 14%, the period up to 3 years, in order to protect the local iron and steel business interests.

Department of trade and industry said in a proclamation, from April 14th to April 13, 2018 this year, the government will impose a 13.42% tariff on imported steel protection; and from April 15th to April 14th next year, will be to protect a 13.9% tariff on imported screw.

The relevant tariff reduced year by year

Statement said, from April 14, 2018 to April 13, 2019, the tariff levied imports of steel is 12.27%, and the protective tariff threaded rod in the same period of the 12.9% levy.

It said that as from April 14, 2019 to April 13, 2020, the protection of tariffs on imported steel will be reduced to 11.10%; similarly, tariffs imposed by the threaded rod is also reduced to 11.9%.

A statement pointed out that the government has earlier in Malaysia Steel Hardware Chamber of Commerce (MSMDA) on May 28, 2016 and 29, imports of iron and steel of high tax refers to the complaint, which led to the local iron and steel manufacturers face enormous economic pressure, make audit and evaluation.

"In the course of the investigation, the government has taken into account the matters raised by the relevant units and made the decision in accordance with the provisions of the 2006 protection act of twenty-fifth."

It also said that the amount of carbon containing 0.60% or more, or is greater than 16 mm long reinforced and threaded rod is not included in the new tax measures.