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Thu, 03 Dec, 2015 07:43:50 PM FTimes- Xinhua Report Dec. 3
Ukraine will raise tariffs on passenger cars imported from Russia to protect its domestic automobile industry, authorities said Thursday.
The country's tax on cars imported from Russia will be raised by a margin of 10.41 percent to 17.66 percent depending on the producer, said the Interdepartmental Commission on International Trade in a statement.
The tax hike is imposed at the request of Ukrainian carmakers who claimed dumping by subsidized Russian producers, the statement said.
The five-year-long new duties will take effect on Jan. 3, 2016, the statement added.
This is not the first move by Ukraine to impose protective measures on foreign car imports. In April 2013, Kiev applied emergency tariffs on all imported passenger cars with engine capacities of 1,000-2,200 cubic cm.
However, Ukraine's domestic car market continues to wane despite policy benefits. The country's auto production in the first nine months of this year plunged 82.3 percent on an annual basis after falling 43 percent in 2014.
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