Customs Follows WTO Commitments

The objective of the customs sector in 2007 is to continue adapting its policies and mechanisms in compliance with the principles of the World Trade Organisation (WTO), Deputy General Director of General Department of Customs Vu Ngoc Anh said at a meeting to review activities of the customs sector, which was recently held in Hanoi.

 

The reports of provincial and municipal departments of customs showed that the customs sector collected VND54,500 billion (US$3.4 billion) in the first 11 months of 2006, an increase of 13.6 per cent compared with the same period of 2005. Of the sum, the import, export and special consumption taxes were VND23,950 billion (US$1.5 billion) while the VAT reached VND30,412 billion (US$1.9 billion), equalling 89.5 per cent of the forecast set for this year and increasing 19.6 per cent against the same period of 2005.

 

The customs sector is estimated to collect VND60,500 billion (US$3.78 billion) in 2006, surpassing 8.1 per cent compared with the initial projection. The rise in tax collection in 2006 is principally reliable on VAT collection because import and export taxes are reduced in accordance with the international commitment.

 

In 2007, economic experts forecast the Vietnamese economy will have considerable change, especially due to a possible increase in import tariff on petroleum products. The government is considering raising export taxes on several types of minerals. Therefore, the National Assembly forecast the customs sector will contribute VND69,900 billion (US$4.37 billion) to the State Budget in 2007, up 16.5 per cent against the possibly actual collection in 2006, about VND60,500 billion.