Misif slams Megasteel safeguard duty request

Tax issue: Customs officers checking on HRC steel at a customs yard. Megasteel has requested the Government to impose safeguard duties on the imports of HRC at the rate of 40, on top of the existing 15 import duties on HRC, with the rate gradually reduced over a four-year period.

PETALING JAYA: The Malaysian Iron and Steel Industry Federation (Misif) has slammed Megasteel Sdn Bhd’s request for safeguard duties on the import of hot rolled coils (HRC) into Malaysia.

In a statement yesterday, Misif deemed Megasteel’s proposal “unsustainable” as it did not fulfil the requirements set out under the World Trade Organisation (WTO) law and the relevant domestic legislations.