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A tax reform guide has been unveiled to replace imported products.
The Ministry of Finance said in a statement on its social networking site that it has revised its tax and tax reform policy to support the manufacturing sector.
The directive was prepared by a high-level tariff committee comprised of experts from the Ministry of Finance, the Ministry of Revenue, the Ministry of Trade and Industry, and the Customs Commission.
It is said that two strategies have been designed to enable local producers to compete in terms of tariffs.
One is to make domestic production more competitive by imposing higher tariffs on similar products if they are produced locally in quantity and quality.
Second, if the product is not produced domestically, a high tariff on the same product will result in inflation, which will lead to inflation and the importation of non-domestic inputs used by local producers to produce low tariffs.
According to the Ministry of Finance’s social networking page, a tariff book containing more than 8,000 tariff identification codes has been prepared to implement the directive.
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