Thursday, May 24 2018

VietNamNews

Preferential tax rates to rise for range of imports

Update: November, 13/2013 - 08:52
The proposed increases will be on such products as mackerel, rock lobsters and sea shrimps, crabs, soft shell crabs, white-legged shrimps, animal fat and oils.— File Photo

HA NOI (VNS)— The Ministry of Finance will raise taxes by up to 10 per cent for 462 preferential import tariff lines next year.

The ministry reviewed 3,425 tariff lines for all kinds of products based on lists of domestically-produced goods, discouraged imports and the import value of all goods in 2012.

The review also takes into consideration its WTO commitment for 2014 and the import-tax rate.

The proposed increases will be on such products as mackerel, rock lobsters and sea shrimps, crabs, soft shell crabs, white-legged shrimps, animal fat and oils.

To encourage the use of Vietnamese products, the rates will rise by 2-3 per cent for domestically-produced materials and by 1-3 per cent for imported mineral products.

The ministry will also increase import tax rates for imports carrying tax rates that are 0.5-1 per cent lower than WTO commitments.

Imports limited by quotas will surge by 5-10 per cent, again to encourage the use of local goods.

The import rates on another 2,963 imports not produced domestically will be left the same. They include agricultural, forestry and aquatic products, processed farm goods, animal feed, animals and plants that are not developed domestically, raw minerals, basic chemical products and high-tech equipment that can't be made domestically.

The ministry has been collecting opinions on the increases from ministries, sectors, the Viet Nam Chamber of Commerce and Industry and associations. — VNS


Send Us Your Comments:

See also: