VietNamNet Bridge – National Assembly Standing Committee yesterday ratified a resolution on preferential export and import tax rates.

The Standing Committee assigned the Minister of Finance to regulate preferential export and import tax rates for items following the Government's regulations, to assure that the tax rates must agree with the list of commodities that are liable for tax and within tax rates issued by the Committee; to assure the State budget collection; to stabilise the market and protect domestic production in line with international laws and treaties to which Vietnam are party.

According to Minister of Finance Vu Van Ninh, as the country integrates into the regional and world economy, the NA Standing Committee has to issue new preferential export and import tax rates because the current import tax rates are now higher than the tax rates that Vietnam committed when joining the WTO.

Regarding export tax, Ninh said Vietnam must keep materials for domestic production, and limit exports of unprocessed mineral ores. To reach this target, export tax rates for minerals should be raised, he said.

Moreover, Vietnam will have to reduce export tax for metal wastes, so rates for these wastes must be changed. Besides, beginning next year, Vietnam will have to implement ASEAN's common tax rates, so the current tax rates must be changed, he said.

The Standing Committee agreed with the Government proposal on export tax rates with seven groups of items to be levied increased export tax, aiming at limiting exports of raw materials. They include tin, manganese, iron, steel, zinc, copper, aluminium and lead.

The Standing Committee agreed to raise ceiling tax rates for petroleum from 0-8 to 0-20%; coal from 0-5 to 0-20%, and metal ore from 0-3, 0-5%, and 5-20 to 0-20%.

As for half-finished products, the Committee agreed to reduce ceiling tax rates but retain floor tax rates.

As for import tax, the Committee agreed to reduce ceiling tax rates of 1,180 groups of commodities, and maintain ceiling tax rates of 40 other groups.

The Committee agreed to reduce floor tax rates of 196 groups of commodities and maintain floor tax rates of 1,125 other groups.

The same day, the NA Standing Committee also listened to two supervision reports of the NA's Law Committee on implementation of the laws covering administrative procedures and implementation of laws' regulations on different fees.

(Source: Viet Nam News)