Taiwan: The price of bulk goods has risen, and the inspection team has not dispatched inspections

Maize (Corn)

Wheat

Soybean

Taiwan

Published Dec 29, 2022

Tridge summary

Taiwan relies heavily on imported soybeans, wheat, corn and other miscellaneous grain crops as raw materials for the production of livestock, food, and feed. This year, import prices have been affected by interest rate hikes and the Russia-Ukraine war. The price of miscellaneous grains has soared. The Ministry of Finance has given import tax cuts to stabilize prices. Preferential and tax cuts are designed to make remote consumers not have to bear the cost of imports, but DPP legislator Wu Bingrui questioned the implementation effect at the Finance Committee today (28th) and found that the Ministry of Finance did not regularly check prices, worrying about tax cuts The benefits are swallowed by the dealers, and the public is still suffering from the price increase.

Original content

Long before the Russo-Ukraine War, prices in Taiwan had already been on the rise. In December last year, the Ministry of Finance, the Ministry of Economic Affairs, the Council of Agriculture, and the Consumer Protection Department of the Executive Yuan jointly established a "Joint Price Inspection Team" to actively understand the price increases of the industry. , It is strictly forbidden to hoard and drive up prices. The Ministry of Finance announced in February this year that imported soybeans, wheat and corn are exempted from sales tax. It is currently expected that the expiration date of the exemption will be extended from the end of the year to March next year. Wu Bingrui is worried that the tax cut is not reflected in the price drop but instead Let dealers benefit, ask the Ministry of Finance how to supervise. The Ministry of Finance responded that tariffs, commodity taxes, and business taxes on bulk materials have been reduced or exempted. At present, the total reduction is ...

Source: Peoplenews