Tariff cuts on special steel
The Cabinet yesterday eliminated import tariffs on 28 types of special steel used in electronic appliances, in a bid to solve a tax-structure problem that has long hindered the competitiveness of Thailand's electrical and electronics industries.
Finance Ministry spokesman Somchai Sujjapongse said the ministry had earlier discussed the move with relevant parties, including the Board of Investment.The special electrical steels, including silicon steel, which has magnetic properties, are needed by manufacturers in the electric and electronics industries. Import tariffs on these products have ranged from 1-5 per cent, and their elimination is aimed at reducing raw-material costs for Thai makers of electronic goods, in order to boost their competitiveness. Somchai said elimination of the tariffs would not affect local steel producers, because they did not produce any of the 28 types of electrical steel. Of the total 28, tariffs on 13 types of magnetic or electrical steel and silicon steel will be cut from 1 per cent, while duties on the remaining 15 types will be cut from 5 per cent.
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