Import tax slashed to boost sales

Move applies to selected goods and is intended to raise domestic spending

Import taxes on some consumer goods are to be cut by an average of more than 50 percent in an effort to encourage more people to spend at home rather than abroad.

The Ministry of Finance said on Monday that it will lower import taxes on products such as Western-style suits and fur garments, boots, disposable diapers and skin care products starting on June 1. The measure is intended to boost imports, promote domestic consumption and satisfy strong consumer demand for certain imported products.