Vietnam Cuts Aquatic Product Import Taxes

Import taxes imposed on almost all of aquatic products of 0306 and 0307 groups will be slashed to 0 per cent from 21 per cent-23 per cent from April 8.

 

According to the circular No. 68/2009/TT-BTC issued by the Ministry of Finance, only imported supro prawn and white-legged shrimp are levied 21 per cent and powder of crustacean are imposed 23 per cent taxes.

 

The tax cut is expected to encourage local seafood processing companies which have so far this year had to run at lower capacity due to material shortage.

 

In the first quarter of this year, the companies imported US$52 million worth of aquatic products.

 

Last year, they spent US$300 million on importing 73 kinds of aquatic products for processing and re-exporting. Of the total, expenditure on tuna import was US$81 million; on salmon was US$30 million; frozen shrimp, US$21 million; white-legged shrimp, US$19 million and frozen fish, US$18 million.

 

Five biggest aquatic product exporters to Vietnam included Japan, Thailand, Taiwan, China and Indonesia. (Investment, Vinanet)