India's increased import duty an issue for Ikea
In the latest budget the Indian government increased import duties on furniture from the present 20% to 25%, a move aimed at supporting domestic SME furniture makers, reported ITTO.
It has been reported that an executive of Ikea, which has stores in India, met with the government to explain the increase will impact its business which is centred on providing affordable furniture but that the company will do its best to absorb the rise in the import duty.
Ikea said, though the government's recent increase in customs duty on imported furniture will have an impact on its business, it will not pass on the increase to customers.
Source: The Economic Times