Tax rates on steel, cement, and wood to increase

The Tax Policy Department under the Ministry of Finance has proposed raising export taxes on steel and cement products to regulate the profits gained by enterprises because of the low prices of some inputs.

For construction steel, the Ministry of Finance has proposed raising the tax to 1.3-2 percent. A three percent rate is also proposed for steel ingots.

The ministry also proposed imposing a 5.3 percent tax on cement, and only 5 percent on clinker.

It asked the Prime Minister for his ideas on increasing export taxes on wood and wood products to a maximum of 20 percent as China is purchasing more rubber wood from Vietnam.

Export taxes on railway crossties or wooden tram rails are set to be increased by 5-20 percent due to a 300 percent surge in the export of these commodities in 2010. – VOV

Tags: Vietnam steel industry, Vietnam steel market, Vietnam steel prices

Posted by VBN on Jun 1 2011. Filed under Cement, Steel. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry