Steel cable products are not entitled to VAT reduction
EVFTA contributes to pushing up steel exports to EU market | |
A series of steel enterprises lost profits | |
Vietnam’s steel import turnover up 42.8 percent in 2021 |
According to the provisions of Clause 1, Article 1 of Decree 15/2022/ND-CP, VAT reduction is applied to goods and services which are currently subject to the tax rate of 10%, except for the following goods and services: telecommunications, financial activities, banking, securities, insurance, real estate, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined oil and chemical products.
Illustrative photo: Nguyen Thanh |
Also in Appendix 1, the list of goods and services not eligible for VAT reduction is specified: Heading 7 (code 7-2599939), Heading 8 (name of products – other products of base metal which have not yet been classified), Heading 9 (Contents - consisting of: anchors, hooks and iron or steel parts thereof; bells, gong bells and the like of base metal without using electricity, other aluminum products, not elsewhere classified; other products of lead, zinc, and tin, not elsewhere classified; other products of copper, not elsewhere classified; other products of nickel, not elsewhere classified; other metal products, not elsewhere classified). For example woven sheets, nets, aluminum nets; thread, bobbin core, aluminum silk reel or examples: rods, shapes and lead wires; pipes, conduits and fittings of pipes or conduits; gutters, roofs, pipes and fittings of pipes or conduits, of zinc; plates, strips, Heading 10 (HS code with *).
In the notes section (at the end of Appendix 1), there is a regulation: "Lines with an asterisk (*) in Heading 10, enterprise shall declare HS codes according to the actual imported goods".
Strictly handling cases of not reducing VAT VCN – Mrs. Pham Thi Minh Hien, Deputy Director of Department of Tax Policy, General Department of ... |
According to current regulations, the General Department of Customs said that steel cable products imported by Rita Vietnam Industry JSC are not subject to VAT reduction as prescribed in Decree 15/2022/ND-CP.
Related News
Enterprises have the right to pre-determine HS codes
09:55 | 06/04/2023 Regulations
Many ministries yet to not issued a list of specialized goods subject to HS code change
14:14 | 14/01/2023 Regulations
Post Clearance Audit Department collects over VND222 billion
10:00 | 15/12/2022 Customs
Enterprises interested in e-invoices
10:52 | 25/11/2022 Customs
Latest News
Amendment to Decree 14 to prevent goods congestion at border gates
11:39 | 01/04/2023 Regulations
Notes for businesses on tax policy
13:44 | 31/03/2023 Regulations
Revising Law on Corporate Income Tax: Promoting resources for socio-economic development
13:43 | 27/03/2023 Regulations
Apply 609 preferential export tax lines, 11,526 special preferential import tax lines to implement the CPTPP Agreement
09:33 | 26/03/2023 Regulations
More News
Difficulties in determining samples for testing
09:32 | 26/03/2023 Regulations
GDVC instructs application of C/O form D
10:16 | 25/03/2023 Regulations
Goods imported from export processing enterprises must pay tax
09:03 | 24/03/2023 Regulations
Review, perfect regulations on decentralization of public property management
11:55 | 22/03/2023 Regulations
MoF develops excise tax policy to promote electric vehicle production
17:21 | 13/03/2023 Regulations
Enterprises must submit dossiers and documents to identify authenticity of goods' value
10:09 | 13/03/2023 Regulations
Removing difficulties in the implementation of VAT policy
15:10 | 27/02/2023 Regulations
Correcting policy to avoid overlaps in inspection and supervision at land border gates
14:13 | 26/02/2023 Regulations
Tax policy for re-imported goods of export processing enterprises
14:43 | 23/02/2023 Regulations
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Enterprises have the right to pre-determine HS codes
09:55 | 06/04/2023 Regulations
Amendment to Decree 14 to prevent goods congestion at border gates
11:39 | 01/04/2023 Regulations
Notes for businesses on tax policy
13:44 | 31/03/2023 Regulations
Revising Law on Corporate Income Tax: Promoting resources for socio-economic development
13:43 | 27/03/2023 Regulations
Apply 609 preferential export tax lines, 11,526 special preferential import tax lines to implement the CPTPP Agreement
09:33 | 26/03/2023 Regulations