Import Duty on Sugar Rises to 15 Percent

The Ministry of Finance issued the Circular 79/2013/TT-BTC on amending preferential import tax rates on some items belonging to sub-heading 17.02 in the Preferential Import Tariff. Accordingly, to amend import tax rate to some items of sub-heading 17.02 in the List of Taxable Items regulated at Section I, Annex II which is attached to Circular 193/2012/TT-BTC dated November 15, 2012.

 

Specifically, import tax for maple sugar and maple syrup increases from 3 percent to and 10 percent; for glucose and glucose syrup increase from 10 percent to 15 percent.

 

Import duties for chemically pure fructose increase from 3 percent to 15 percent; for artificial honey, whether or not mixed with natural honey increase from 10 percent to 15 percent.

 

In addition, the Circular also adjust import tax for flavoured or coloured sugars from 5 percent to 15 percent.

 

This measure aims to deal with difficulties and reduce inventories of sugar firms in the country. The new tariffs will be applicable from Jul 22, 2013.