Customs duties on two products reduced to zero

The pressure exerted by the war in the Middle East, particularly on trade routes through the Strait of Hormuz, has negatively impacted global agricultural costs. Following these developments, the Ministry of Trade has taken new steps in tax regulations for the agricultural sector. These measures, taken to balance the prices of fertilizers that are critical for agricultural production, aim to ensure that producers are protected against cost increases.

MINISTRY REDUCES CUSTOMS DUTIES ON TWO KEY PRODUCTS TO ZERO

The Ministry of Trade has announced that it has reduced the customs duty applied to the import of two important fertilizer products that play a critical role in agricultural production to zero. With the decision published in the Official Gazette, customs barriers on the import of solid ammonium nitrate and monoammonium phosphate fertilizers have been removed. This regulation aims to prevent both producers and consumers from being negatively affected.

TAX REGULATIONS ON FERTILIZERS EXPANDED

The Ministry of Trade had previously taken similar steps for urea and nitrogenous fertilizers to prevent speculative price increases in the fertilizer sector. Now, with the tax reduction on the import of fertilizers such as ammonium nitrate and monoammonium phosphate, it is aimed to prevent disruptions in the supply chain and sudden price fluctuations. With this move, cost increases in agricultural inputs will be managed in a more controlled manner.

COORDINATED WORK WITH THE MINISTRY OF AGRICULTURE AND FORESTRY

The Ministry of Trade carried out this regulation in coordination with the Ministry of Agriculture and Forestry. These steps, taken to ensure supply security in agricultural production, aim to minimize the direct impact of rising global tensions in the region. The new regulation will particularly assist farmers and allow for the prevention of cost increases in agricultural production.

In the statement made by the Ministry of Trade, it was stated that the measures taken aim to protect the welfare of producers and consumers in a balanced manner. With this move, the Ministry aims to strengthen supply security in the food sector and prevent cost increases. The message conveyed that dynamic measures will continue and that new precautions will be taken when necessary according to market conditions.

News Source: 12punto