5:06:23 PM | 7/8/2007
The Vietnamese Ministry of Finance has recently proposed the government to slash duties on imported commodities to restrain soaring consumer price this year, local media reported.
Planned tax reduction averages 50 per cent while the highest climbs 70 per cent.
Deputy Finance Minister Truong Chi Trung said the tariff cuts are expected to take effect from August with the Prime Minister’s approval, elaborating that the tariff cuts on these goods will be only temporary.
The highest tax cut will be made on food and foodstuffs, including meat, dairy products, milk materials, eggs and cooking oils.
Meanwhile, fresh and frozen meat is expected for a tax reduction from 30 per cent to 12 per cent, uncondensed milk and cream from 20 per cent to 10 per cent, fresh milk from 40 per cent to 20 per cent.
Most of cattle-feed will enjoy a tax cut of over 50 per cent.
The ministry proposed permanent import tax cuts for goods currently incurring high rates namely fully-assembled cars, secondhand autos, cosmetics, electronic products and auto spare parts.
Vietnam Prime Minister Nguyen Tan Dung has just issued directive ordering relevant ministries, ministerial agencies, provincial authorities and businesses to take urgent measures to stabilize prices of consumer goods.
The government’s move is aimed to cope with fluctuations of prices of input materials including imported petroleum products, fertilizers, steel ingots complicated and unprecedented natural disasters.
Despite efforts by the government, the consumer prices indexes soared 6.19 per cent in the first seven months of this year, it said. (Vietnam Economic Times,
www.moi.gov.vn Aug 6, VNA) Aug 6, VNA)
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