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Tax cut by up to 6 percent on 1,000 imports

In Uncategorized on January 8, 2011 at 4:10 am




Tax cut by up to 6 percent on 1,000 imports


QĐND – Thursday, January 06, 2011, 21:17 (GMT+7)

Nearly 1,000 goods items would enjoy an import tax cut of 1-6 percent in 2011, according to the Ministry of Finance’s Taxation Policy Department.


Director of the department Vu Van Truong said the items would mainly include agricultural produce, seafood, construction materials and electrical appliances.


The average drop for most items would be 2-3 percent, said Truong.


The cut, part of Vietnam’s commitment to the World Trade Organisation, was expected to benefit domestic consumers, giving them a wider choice of reasonably priced imported goods, Truong said.


However, he warned that the cut would also place pressure on Vietnamese goods that would face fierce competition from imported products.


Trade experts were also concerned about a predicted surge in the country’s trade deficit next year in the wake of the import tax cut.


The country imported 84 billion USD worth of goods last year, up 20 percent over the previous year with a trade deficit of 12.3 billion USD.


This year, the country plans on restricting the trade deficit to 14.18 billion USD with an import value of roughly 92 billion USD.


Last year, roughly 2,000 goods including food, animal feed, construction materials and steel also enjoyed an import tax cut of 1-6 percent, which cost the State budget roughly 1 trillion VND (51.28 million USD).


Source: VNA


Source: QDND

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