Finance

Home page

Finance

Customs duty of raw silk increased tenfold

08 December 2017 12:58 (UTC +04:00)

Since January 1, 2018 customs duties on import of silkworm cocoon suitable for reeling, untwisted raw silk and silk thread packed not for retail sale will be increased tenfold.

This was reflected in the “Commodity Nomenclature of Foreign Economic Activity, Rates of Import and Export Customs Duties” approved by the Cabinet of Ministers.

Currently, the import of silkworm cocoon suitable for reeling is free of customs duty, while 0.50% of customs duty is applied on import of untwisted raw silk. Since January 1, 2017, the customs duty for the import of silkworm cocoon suitable for reeling and untwisted raw silk will make up 5%. The customs duty for import of silk thread packed not for retail sale will be increased to 15%.