Deputy Prime Minister and Minister for Finance, Professor Biman Prasad has assured the business community that they do not have any hidden strategy reducing protection for local manufacturers, and they are ready to review the policies if it does not go right.
While answering a question from the business community that it appears the government has a concerted effort to reduce protection for local manufacturers during the Post Budget Breakfast at the Grand Pacific Hotel, Professor Prasad says they have a responsibility as businesses to pass on benefits that the government is willing to provide to the people.
He says protection is there for a purpose, and this helps create particular types of manufacturing and growth in businesses.
However, the Minister says they cannot continue to do this at the expense of our consumers, our people, at all times.
Professor Prasad adds that governments must always be ready to review policies, and for the chicken industry, there is a 42 percent duty protection.
He adds that the chicken industry is one of the most protected industries in the country.
The Deputy Prime Minister says there are quantitative restrictions on where we can import chicken.
Professor Prasad says they don't feel that small support in the reduction in the duty for chicken portions and other associated elements will have any drastic impact, as they want our producers to produce more.
According to the 2025/2026 National Budget:
- The fiscal duty on the importation of chicken portions such as drumsticks, wings and thighs will be reduced from 32% to 15%.
- The fiscal duty on the importation of edible chicken offals such as liver and giblet will be reduced from 32 percent to 15 percent.
- The fiscal duty on the importation of all frozen fish will be reduced from 15 percent to 0 percent.
- The fiscal duty on the importation of salmon whether live, fresh, chilled, salted or dried will be reduced from 15 percent to 0 percent.
- The fiscal duty on the importation of tomato sauce will be reduced from 32 percent to 15 percent .Additionally, a 5 percent import excise duty will be introduced.
- The import excise duty on the importation of juice not containing any added sugar will be reduced from 15 percent to 0 percent.
- The fiscal duty on the importation of castor sugar will be reduced from 32 percent to 5 percent.
