MoF proposes to revise preferential import and export tax rates for items

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The Ministry of Finance proposes revising preferential import and export tax rates for items. Photo: Internet.

Amend and supplement provisions in Decree 57

The public health crisis has harmed the global and domestic socio economy, causing stagnation of the goods supply chain. Domestic production has been suspended or narrowed.

Recently, the ministry received proposals from associations and businesses related to the revision of import and export tax rate for some products listed in preferential import and export tariffs; and reflections on problems arising in the implementation of Decree 57.

Deputy Prime Minister Le Van Thanh has directed the ministry to work with relevant authorities to assess the implementation of the tax incentive programme for automobile production and assembly specified in Government Decree 58/2020, and suggest contents that need to be amended and supplemented.

Therefore, the revision of Decree 57 must be in line with the current situation. The building of the decree will be consistent with provisions of the Law on Import and Export Tax, contributing to stabilising the macro-economy and controlling inflation; promptly supporting and removing difficulties for domestic enterprises affected by the Covid-19 pandemic, the ministry said.

The amendment of Decree 57 also encourages firms to continue to invest, innovate technology and reduce product prices to increase competition with imported products, contributing to the protection and efficient exploitation of natural resources in the country.

Revise preferential import and export tax rates for some items

The draft provides two articles and key four content groups. Accordingly, it will revise preferential import and export tax rates for some items with a sharp increase in price.

It also amends export tax rate and most-favoured-nation (MFN) duty rates for some goods to protect and effectively use domestic non-renewable natural resources, and restricts the export of raw and unprocessed resources and contribute to simplifying the tariffs.

Notably, the draft decree also amends some contents of the tax incentive program for domestically manufactured and assembled cars. The Ministry of Finance submitted to the Government for permission to continue implementing the tax incentive programme under Decree 57 after 2022.

The draft will not provide new administrative procedures. Revised procedures are those performed by the Customs and Tax authorities over the past times. It will not raise compliance costs or resources for implementers.