Extension of Duty-Free Regime for Select Food Products
The presidential decree has extended the preferential period for exempting certain food products from import duty until the end of 2024 in order to maintain price stability. The decree, aimed at ensuring the stability of prices of basic types of food products in consumer markets, includes items such as fish, meat, flour, vegetable oil, bananas, citrus fruits, milk, cream, butter, yogurt, and other food products.
The zero rate of import customs duty will apply to these goods until January 1, 2025, as per the decree. Additionally, fresh slaughtered, chilled or frozen poultry meat and refined or unrefined sunflower, safflower or cottonseed oil and their fractions will also be included in this preferential period from January 1, 2024 to January 1, 2025.
The extension of this privilege is crucial in preventing an increase in the price of food. Economists have emphasized the importance of making this privilege permanent rather than temporary to ensure long-term price stability. The decree aims to alleviate the financial burden on consumers and maintain a steady supply of essential food products in the market.
