Sunday, August 9, 2020

EU imposes duties on Indonesian bio diesel

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Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

The European Union (EU) imposes import duties on subsidized bio diesel from Indonesia to create more competition for EU producers, authorities said yesterday.

The European Commission imposes a temporary duty of between eight and 18 per cent, but warns it will impose permanent duty, by the end of the year.

“The commission’s investigation found that Indonesian bio diesel producers received grant benefits, tax benefits and access to raw materials at market prices.

“It poses a threat of economic damage to EU producers,” the commission said.

He said investigations focused on possible subsidies for bio diesel production either involving palm oil or other rare-used raw materials.

The EU biodiesel market is worth about nine billion euros a year with imports from Indonesia amounting to 400 million euros.

Palm oil is the most widely used vegetable oil in the world and is an important ingredient in a wide range of products from food to cosmetics.

Read also: European Union to impose more taxes on US technology companies

Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

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