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| *The Commerce Journal>>>Other Taxes |
Wht is anti dumping duty ? |
Wht is anti dumping duty ? Broadly speaking a product is said to have been dumped if it is introduced into the commerce of another country at less than the normal value of the product and it causes/threatens material injury to an established industry of the country. Let me explain it a bit more.......... Since the early 20th. century, industry began setting up huge manufacturing facilities to take advantage of economies of scale. Consequently, the installed capacity exceeded the requirement of the country in which the plants were located. In order to have such plants running at higher capacities, companies started poaching on export markets. With the gradual reduction in the Tariff barriers and codification of various Technical Barriers to trade (since the advent of GATT in 1947), the lucre of dumping goods at prices sufficient to recover variable costs became irresistible. It is also a fact that countries may have a comparative advantage intrinsically related to their geographical or other factors (cheap labour etc.). This too may help countries to produce goods and export the same at competitive prices. However, practical experience shows that dumping does not have a relationship with an exporter鈥檚 competitive advantage alone. Conditions for dumping usually arise from a trading environment, which confers unfair advantages on certain exporters and usually to the detriment of the domestic industry in the country of imports. The Agreement on Anti Dumping, laid out as per the Uruguay Round of agreements (1994) seeks to address and regulate this mischief of dumping arising out of trading environment rather than one of competitive advantage. Dumping has the deleterious effect of exerting downward pressure of prices in the importing market. This is because the supply may exceed demand. Moreover, such supplies may usually be at lower prices, sometimes below cost of production. Over a period, dumping may result in pushing out domestic producers (especially infant industries in developing countries). Penalties or duty tax levied on the "dumped" goods are referred to as the anti-dumping duty. Hope this helps. Dumping is when a country has an excess of goods that it has produced than need to be exported. In such a case, a country would then dump these extra goods in another country at bare-bottom prices thereby causing undue foreign competition for local manufacturers in the importing countries. It is a protection tarriff, |
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