Australia eyes tariff cut to aid business

18 May 1998 03:40  [Source: ICIS news]

SINGAPORE (CNI)--The Australian federal government is considering the removal of tariffs on a broad range of products, including chemicals, in a bid to reduce business costs for domestic industries.

The end of tariffs, ranging from 3% to 5%, could cost the government up to A$400m ($251m), according to Monday's edition of Australian Financial Review.

Quoting the Minister of Industry, John Moore, the report said the government is determined to address the issue of "negative assistance", in which Australian companies pay duties on imported components or "intermediate" goods used to manufacture their finished products.

As a first step, Moore is considering taking a submission to Canberra on problems in the printing industry. Local printers are paying duties on a range of products, including inks and chemicals.

By: Leslie Chua
+65 6780 4359

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