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MoF proposes tax exemption

Update: April, 17/2020 - 03:28
An official from the Hà Nội Department of Taxation speaks to a taxpayer. - VNA/VNS Photo Hoàng Hùng

HÀ NỘI — The Ministry of Finance recently has added non-woven fabrics, which are used to produce protective clothing, to the list of goods subject to import tax exemption.

The Ministry of Finance proposed the Prime Minister exempt import tax on medical face masks and raw materials for mask production, hand wash and hand sanitiser at the beginning of February in order to help the prevention of the novel coronavirus (COVID-19) pandemic.

Recently, the ministry has collected opinions from ministries, branches and business associations to complete the draft decree amending and supplementing Decree 134/2016/NĐ-CP on export and import tax and Decree 125/2017/NĐ-CP on the export and import tariff.

Regarding the draft decree amending Decree 134, the Ministry of Finance has submitted documents to the Government and the Prime Minister proposing exemptions of import tax for raw materials, supplies and components for processing and manufacturing export products.

This regulation aims to remove problems to promote the production and export of high value-added products, to remove difficulties for enterprises operating in the field of footwear, textiles and garments, and agro-forestry-fisheries products.

Regarding Decree 125, the ministry proposed to reduce the import tax rates of some items in order to ease difficulties for enterprises and promote the development of industries of agriculture, mechanics, supporting industries, and automobiles.

The Ministry of Finance said that the amendment will reduce state budget revenue by more than VNĐ6 trillion (US$255 milion). — VNS

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