Eight months after, FG yet to review starch import tax

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IT has been about 8 months since the Federal Government promised to review the import adjustment tax for imported starch which is targeted at encouraging local manufacturers of starch across the country.

Currently, importers of starch are charged 5 per cent to 10 per cent import duty, which still makes them sell starch at a very low price, compared to local manufacturers who are faced with many challenges in clouding infrastructure deficit and difficulty is sourcing raw materials, which makes them produce at a very high cost, thereby making their products more expensive than the imported starch.

At the Economic Recovery Growth Plan meeting (ERGP) which held between March and April this year, the local processors of starch asked the government to increase the import duty on imported starch to 40 per cent to 60 per cent to enable the local producers compete favorably.

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