According to the latest Canadian Manufactureers and Exporters Newsletter the federal Department of Finance will eliminate import tariffs on over 70 categories of industrial inputs and equipment, effective this December.
The newsletter points out that CME’s leadership in working with the Department of Finance to provide tariff relief on imported machinery, equipment and industrial inputs has now resulted on tariffs being eliminated on 1,444 items. Tariffs are also being phased out on an additional 381 items between now and 2015. The intention of this change in policy is to deliver cost savings to Canadian manufacturers of approximately $365 million per year.
The tariff items have been selected based on the following criteria:
- goods covered by these tariff items are used by Canadian manufacturers in their operations
- eliminating the tariff on these goods will reduce production costs for Canadian industry; and
- requests were received from stakeholders to eliminate MFN tariffs to enhance competitiveness.
To check out the full list of tarrif exempt items click HERE
and scroll down to the relevant notice.