Taiwan will reduce import tax on cashew nuts

Cashew nuts imported into Taiwan will have a tax reduction in the upcoming future. This is an opportunity for Vietnam - the largest supplier of cashew nuts for Taiwan.

Taiwan will sharply reduce import tax on cashew nuts. Photo: TL.

According to Vietnam Economic and Culture Office in Taipei, in synchronization with the industry’s development policies, the import and export tax rate for the item "dried, shelled cashews" to Taiwan will be reduced to 10% instead of a tax rate of TWD 26.2/kg, or 16% at present.

The announcement from Taiwan also notes that this adjustment is also to reduce the cost of food processing, increase the consumption of products made from nuts and improve people's health and well-being.

According to statistics of the Taiwan Foreign Trade Administration, Vietnam is the largest partner in cashew nuts export into Taiwan in many years. For the first ten months of this year, Vietnam exported to Taiwan nearly 4,000 tons of cashews, worth nearly USD 30 million.

Apart from Vietnam, Taiwan also imports cashew nuts from other partners like Indonesia, Thailand, Cambodia.