MoF lifts tax on gold export to 10% from Jan 1,2011

The Ministry of Finance raised gold export tax to 10% from previous 0%, on god bars of under 99.9% purity, powdered gold or gold materials under Group 8718 effective from January 1, 2011.

The Ministry of Finance raised gold export tax to 10% from previous 0%, on god bars of under 99.9% purity, powdered gold or gold materials under Group 8718 ,effective from January 1, 2011.

The move aims to prevent individuals and local firms from taking advantage of the zero tax policy to ask for the licenses of exporting gold jewelry, the local media reported, adding that exporting gold 99.9% jewelry requires the SBV’s permit, while others needn’t.

Earlier, the MoF proposed an export tax of 20% on gold in an effort to help restrict gold exports to regulate the domestic gold market which saw local gold prices hitting the all-time high of VND38.2 million ($1,910) per tael on November 9.- Stoxplus.com

Tags: Vietnam gold exports

Posted by VBN on Dec 2 2010. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry