New custom duties were issued by Presidential Decree No. 419 0f 2018 which increased import tariffs for over 300 goods in a variety of categories. Government officials announced that the decree is aimed at encouraging national industry and updates the classification of goods to comply with the Harmonized Commodity Description and Coding System (HS) after its most recent update in 2017. In effect, the most recent hike in custom duties – which apply as of 12 September 2018 – is hoped to curb importation and reduce high demand on foreign currency. For more on the provisions of the Custom Tariffs Decree you can visit this link.
