Vietnam Lower Import Taxes on 117 Items
Vietnam’s Ministry of Finance has issued a decision on reducing taxes imposed on 117 items in a bid to implement commitments for international integration and strengthen competitiveness of local firms.
Under the decision, import duties on electronics and refrigerating appliances will be cut to 30-40 per cent from the current 50 per cent and those on assembled motorbikes to 90 per cent from the current 100 per cent.
Tariffs on special materials, which cannot be produced domestically, will fall sharply to 0-5 per cent from the current 20-40 per cent.
Automobile parts in the complete-knocked-down (CKD) form will also enjoy preferential import tariff rates.
However, the ministry has decided to raise tariffs on 16 items that can be produced locally.
Taxes on metal-plated and painted iron sheets, for instance, will increase to 12 per cent from the current 10 per cent and cold-rolled steel to 7 per cent.
The new tariffs, which will be applied to all customs declarations, will come into force from September 15.
B.T
Vietnamese
