Ministry rejects import-export tax changes

The Ministry of Finance has rejected proposals by the Ministry of Industry and Trade to raise import and lower export taxes on a number of commodities, including fertiliser, steel, aluminium and coal.

At an earlier working session between the two ministries, the Ministry of Industry and Trade (MoIT) requested the Ministry of Finance (MoF) to hike import tariffs on NPK fertiliser from the current 6 per cent to 6.5 per cent; delay imposition of a 3-per-cent export tax on steel ingots and finished steel; and slash the export tax on coal from 20 per cent to 10 per cent.

MoIT also suggested lower export taxes for bauxite mined in the Central Highlands province of Lam Dong, proposing an export tax of 5 per cent on initial shipments of aluminium products from the province. However, the proposal ignored the fact that export taxes on fine ore were set at 15-40 per cent under an ordinance passed by the National Assembly Standing Committee, MoF said.

MoF also rejected a suggestion that its Price Management Department provide more timely information on global price fluctuations of raw materials to help enterprises avoid losses. MoF said the department’s role was to regulate prices of such commodities of electricity, coal and petroleum, and it advised enterprises to take the initiative to seek information from trade associations, manufacturers, foreign suppliers and the mass media.

Source VNS

Tags: Vietnam import-export tax

Posted by VBN on Sep 17 2011. Filed under Economy News, Import-Export. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry