Ministry of Finance has announced the supplemental regulation of countries and territories list which will implement new tax rate on exporting their goods and services to Vietnam under the General Agreement of Taxation and Trade (GATT). Under the new regulation, import tax rate from these countries and territories to Vietnam will based on the total cost of goods and services in spite of implementing the minimum customs valua imposed by the Government. 32 countries and territories include New Zealand, Taiwan, Hongkong, Mongolia, Norway, Ukraine, Austria, Belgium, Denmark, Finland, France, Greece, Netherlands, Ireland, Luxembourg, Germany, Spain, Portugal, Sweden, United Kingdom, Italia, Poland, Republic of Czech, Estonia, Lithuania, Latvia, Hungary, Slovakia, Slovenia, Malta, Cyprus and Australia. Up to now, 47 countries and territories have implemented this regulation. (CPV/MPI) … [Read more...] about Import tax rate to Vietnam under GATT applied to 32 countries and territories
Vietnam import tax rate
From the beginning of 2006, the Ministry of Finance (MoF) has its right to issue regulations related to Vietnam's annual import tax rates to perform Common Effective Preferential Tariff (CEPT) in ASEAN. According to the guidance of the Prime Minister on the rights to issue regulations on tariff of the MoF, it will be more positive in making tariff policies. Realizing CEPT commitments of ASEAN, Vietnam has cut different kinds of tax, said the ministry. Previously MoF performed a consulting role for the government and was only allowed to issue guidance documents in tariff while the government issued policies and guidance circulars, but now MoF assumes both tasks, and the government only supervises and releases general guidance. Vietnam's tariff cut itinerary: import tax on sensitive agricultural products must be reduced in 2004-2006 and the tax rate must be 0-5% by 2013 and 2020 for sugar. Each reduction must not be less than 10% and each level of tax must be applied within a maximum of … [Read more...] about Ministry of Finance to regulate import tax rates under CEPT
CPV: Nearly 9,000 commodity categories imported from the ASEAN region and the Republic of Korea (RoK) will enjoy a reduced tax rate from the beginning of 2007, yet not by much. Of this, the import tax for motorbikes with large cubic centimeters will be 40 percent, instead of 60 percent at present. This was announced by the International Cooperation Department under the Ministry of Finance (MoF). Also according to the MoF, commodity lists and special preferential import tax rate to carry out engagements under the framework of ASEAN-China and ASEAN-Korea free trade areas will be issued. Enterprises will enjoy a preferential tax rate when importing commodities from these markets. Apart from large cubic centimeter motorbikes, some products such as tea, coffee, mineral water with gas from the ASEAN-Korea free trade area will be applied with the tax rate of 35 percent, replacing the current rate of 50 percent. According to the Ministry of Finance, about another 300 commodities including … [Read more...] about Motorbike with large cubic centimeters will enjoy import tax rate of 40 percent
(VEN) - The Ministry of Finance's Circular 111/2012 recently issued regulations that from August 18, the import of goods beyond the annual quota are subjects to import tax. For raw sugar not containing added flavor or coloring, sugar containing added flavor or color and refined sugar, the out-quota tax rates of 80, 100 and 85 percent will be applied respectively. With unprocessed tobacco and leaf scrap, the out-quota tax rate is 80 or 90 percent. Salt, including table salt and denatured salt and pure sodium chloride are subject to the out-quota tax rate of 50 or 60 percent. In cases where Free Trade Agreements signed by Vietnam specify the preferential out-quota import tax rates on goods listed in Circular, then the out-quota preferential import tax rates specified in the Free Trade Agreements shall apply (as long as the conditions for enjoying such preferential import tax rates are satisfied). In cases where the out-quota preferential import tax rates committed are higher than … [Read more...] about The extra-quota imported sugar is a subject to a 80-100 percent tax rate
The Ministry of Industry and Trade has proposed raising the import tax rate on automobiles to 91 percent instead of the current 83 percent. The proposal has become a controversial issue for the relevant ministries, sectors and tax payers. The Ministry has asked the relevant sectors to give their opinions on the Government’s measures to control the trade deficit from now through the end of this year. Accordingly, the Ministry has proposed increasing the import tax rate on cars that carry fewer than passengers from 83 to 91 percent, abolishing stimulus measures for fully assembled vehicles with the capacity of 15 passengers and below and not reducing VAT and registration fees by 50 percent. Limit import surplus or protect domestic production? Explaining the proposal, the Ministry of Industry and Trade says that car imports are tending to rise sharply while exports are seeing almost no increase, leading to the trade deficit in July and August jumping to US$3 billion, … [Read more...] about Is import tax rate on automobiles likely to increase?