Import Duty On Some Agricultural Products

According to the 2023 Finance Bill of Cameroon, the government may impose a new import duty on some agricultural products. The duty is expected to take effect as from January 1, 2024. This news is likely to be of interest to many people, as it will affect the prices of certain food items.

Products affected by the new duty include rice, wheat, maize and fish. The duty is a percentage of the product’s value, which will be levied at the time of import.

1Rice (excluding parboiled and fragrant rice or perfumed rice10%
2Wheat and meslin (mixture of wheat and rye)5%
3Fish (not all)10%
4Maize (reduced rate on maize, maize flour and cakes and other solid residues extracted from maize)5%

Download the 2023 Finance Bill of Cameroon

It is thought that the aim of this policy is to protect local producers and to help boost Cameroon’s economy.

This move is likely to cause prices for these products to rise in Cameroon, as they will become less competitive on the global market. It is also likely to lead to a decrease in demand for these products, as consumers may switch to cheaper alternatives.

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In as much as the government may have imposed this duty to protect jobs and the local economy, a company that imports these products will be affected by the new duty. It may increase the price of these products.

To help offset this, the government may have to provide subsidies for local farmers. Without this, no one can tell how it will impact both producers and consumers.

Other companies will be affected by the import duty on these products. For example, companies that

– import rice and then sell it to the public.

– buy rice and then export it.

– buy rice and then sell it to consumers in other countries.

What does WTO say about import duty?

There are many different reasons why governments impose import duties. It is often done in an attempt to protect local producers. This is a good thing, as it helps to protect jobs and the local economy.

According to the World Trade Organization (WTO), governments have the right to impose import duties as long as they are not discriminatory. This means that the duty has to be applied to all imports of the same product, whether it is imported from the same country or not.

For example, if a duty is imposed on imports from India, it should apply to imports from any other country. It also means that the duty cannot be imposed on imports from a country that is not a member of the WTO.

The duty should also not be discriminatory. This means that it should not make any difference whether the imported product is made by a local firm or by a foreign firm. For example, if the government imposes a duty of 10% on imported rice from Thailand, it should apply to imported rice from any country. It should also not tax imported products more than domestic products.

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