Customs

Turkey to bring 25% Customs Duty on Steel imports

On October 2, 2018 a new presidential decree has been published regarding the implementation of a protection measure on steel imports to Turkey.

According to decree, Turkey still investigates whether the global developments on steel tariffs may have a probable impact of serious harm on the local steel industry. The decree states that during the investigation period (for 200 days) %25 of the import value will be collected as a guarantee payment on these imports and if at the end of the investigation, it is decided to collect the exact rate; collected guarantees will be converted to revenue. If the investigation results with a lower rate or deciding not to implement a tariff, collected guarantees will be refunded.

On the other hand, a tariff quota is defined per product type (hs code) and per country that will not be taxed on import. Accordingly, the imports exceeding this tariff quota will be subject to tax. A communique has been published on 16th of October about the distribution of this quota. The communique states that the quota amount will be used in a “first come first serve” principle which means early imports will be considered in the quota limits but when the total imported product per HS code or per country reaches the defined limit, later imports will be subject to tax.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s