News » WTO commitments may force import tariffs down

   

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 percent, with an average rate at 2.76 percent, MoF’s Tax Policy Department director Ngo Huu Loi said.

Under the ammendments, the current rates of 48 percent and 78 percent would be replaced by 14 tax levels, ranging from 2 percent to 71 percent.

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, Vietnam has reduced the export tax on 24 categories of metal scrap every year since 2007 – when Vietnam joined the WTO – until this year, the final year scheduled for tax cuts.

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