The Ministry of Finance plans to eliminate the import tax for auto materials and parts in order to support the development of the country’s automobile industry.

The tax cut was included in the Government’s revised decree on the schedule for preferential import tariffs, flat taxes, compound tariffs and out-oღf-quota import tariffs.

The Ministry of Finance said it will develop preferential tax policies for raw materials and auto parts for automobile manufacturing and assembly from now until 2023.