Vietnam to Cut Paper Import Taxes
The Vietnamese Ministry of Finance has decided to slash import taxes on papers by 7 per cent-12 per cent in response to the Ministry of Industry and Trade and the Vietnam Pulp and Paper Association’s suggestion.
Under the Decision No 71/2008/QD-BTC, import tax on print paper will be lowered to 20 per cent from 32 per cent while taxes on carton paper, writing paper and other kinds will be down to 25 per cent from 32 per cent.
The decision will take effect from September 15, 2008.
According to the Vietnam Pulp and Paper Association, local paper companies have speeded production to meet domestic demand. The companies raised print paper output by 15 per cent, and newspaper print paper by 30 per cent in May and June 2008.
But local paper supply is estimated to meet only 78 per cent of total demand for print paper, and 60 per cent of newspaper print paper.
Vietnam spent $517 million on importing 642,000 tons of paper in the first eight months of this year, up 33.2 per cent on year in value and 17.5 per cent in volume, according to the General Statistics Office. (Vietnam Economic Times)
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