Indonesia to Cut Soy Bean Import Tariff to Zero this Month

Indonesia is to reduce soy bean import tax from 5 percent to zero this month as an effort to overcome lacking of supply in domestic market, a minister saidn here on July 25, 2012.

Coordinating Minister for Economy Hatta Rajasa said that a mnisterial meeting would be conducted to prepare for the planned policy.

"There will be a meeting today (July 25, 2012) and tomorrow to prepare the rule. So it can take effect no later than August first, " he said at the Attorney General Office.

Higher global demand has the prices of the commmodity risen and the supply for the domestic decreased that triggers complaint among the domestsic buyers.

Indonesia imports most of the commodity from the United States.