Vietnam to Have New Import-Export Tariff Law

Vietnam to Have New Import-Export Tariff Law

Vietnam’s Ministry of Finance (MoF) will draft amended law on import-export taxes and submit to the National Assembly for consideration this year.

The MoF’s move was based on a report reviewing implementation of the import-export tariff law after 13 years with opinions contribution from the public.

The forthcoming amended law will be compiled on the orientation of further encouraging export, the MoF said.

Public opinions mostly focus on some contents such as taxable subjects; tax rates on export-import activities of people living in the border areas; methods and time for calculating taxes; tax exemption and reduction cases; and dumping taxes on imports.

The new import-export law will certainly reflect Vietnam’s commitments with world’s forums and international practices.

Vietnam earned over US$26 billion from exports and spent US$31 billion on imports in 2004. It collected VND46 trillion (US$2.9 billion) from import-export taxes to the state coffer last year. (Vietnam Economic Times Feb 17 p2)