Trinidad and Tobago Manufacturers’ Association (TTMA) is slamming a recent Caribbean Court of Justice (CCJ) ruling on tariffs.
The CCJ ruling to uphold the Council for Trade and Economic Development’s (COTED’s) decision that imported cement can be classified as “Other Hydraulic Cement” and not “Building Cement Grey” has jeopardised the local cement manufacturers’ competitiveness in the Caricom region, the TTMA said in a media release yesterday.
This ruling has essentially allowed a more advantageous classification for imported cement, with a tariff of 0-5 per cent applied to “Hydraulic Cement”. As opposed to the 15 per cent tariff applied to the “Building Cement Grey” classification, which the imported cement meets the specifications of, it added.
The ruling last week Tuesday settled the dispute as to whether Rock Hard Cement ought to be classified as “building cement (grey)” and be charged a Caricom tax of 15 per cent when imported into the region, or as “other hydraulic cement” in which case another levy would be payable.