Vietnam: WTO commitments may force import tariffs down
07/11/2012 71
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HA NOI (VNS) — The Ministry of Finance (MoF) has put up for debate possible amendments to import tariffs next year under the World Trade Organisation commitment.
Comments have been sought from officials and industry on cuts to 208 tariff lines of 0.29-25 per cent, with an average rate at 2.76 per cent, MoF's Tax Policy Department director Ngo Huu Loi said.
Under the ammendments, the current rates of 48 per cent and 78 per cent would be replaced by 14 tax levels, ranging from 2 per cent to 71 per cent.
For example, automobile import taxes would be reduced by 4 percentage points and several kinds of imported wines would be reduced by 3 percentage points.
Many other products would also enjoy tax cuts, such as fishery products, cosmetics and digital cameras.
Meanwhile, Viet Nam has reduced the export tax on 24 categories of metal scrap every year since 2007 – when Viet Nam joined the WTO – until this year, the final year scheduled for tax cuts.
November 2, 2012
Source: VNS
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