Tax on imported sugar to remain at 5%
A woman shops for sugar at supermarket. — Photo nld.com.vn |
The tax on imported sugar, as stipulated by the ASEAN Trade in Goods Agreement (ATIGA), will be maintained at 5 per cent from the beginning of this year, instead of zero per cent as previously rumoured.
This was announced in Decree 156/2017/NĐ-CP, stipulating Việt Nam’s special preferential import taxes in ATIGA for the 2018-22 period.
According to the Việt Nam Sugar and Sugarcane Association (VSSA), this was a good sign for the local sugar industry, as they would face difficulties if the tax was lowered to zero per cent.
The association said that the price of shares of some sugar companies in 2017 were continuously falling, mainly because producers were afraid of competition from sugar importers if the zero per cent tax had been actually imposed on imported sugar.
VSSA’s figures indicated that the wholesale price of sugar last month was VNĐ12,700-14,000 per kilo, a decline of VNĐ200-300 per kilo over the previous month.
By maintaining the 5 per cent import tax under ATIGA, together with abundant sugar supplies and lower selling prices, local businesses would not import sugar from other countries.
By the end of last year, sugar inventories were some 240,000 tonnes.
VSSA said the sugar supply would meet the country’s demand in the first month of 2018, even with increased sales during the upcoming Tết (Lunar New Year) Holiday.
Sugarcane is cultivated on more than 300,000ha across the country, employing 330,000 households, or 1.5 million farmers, and 350,000 workers.
Related News
Import tax exemption to benefit domestic ITC industry
14:35 | 31/03/2023 Import-Export
Vietnam adjusting policies to adapt to global minimum corporate income tax: Official
15:48 | 27/03/2023 Finance
Goods imported from export processing enterprises must pay tax
09:03 | 24/03/2023 Regulations
Vietnam joins Multilateral Convention to tackle tax evasion and avoidance
15:22 | 23/03/2023 Finance
Latest News
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
More News
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export
HCM City’s industrial production index down 0.9% in Q1
14:47 | 04/04/2023 Import-Export
Fisheries exports estimated at 1.85 billion USD in Q1
14:45 | 04/04/2023 Import-Export
Quang Ninh aims to attract quality FDI inflows
14:43 | 04/04/2023 Import-Export
Exports face many difficulties
13:29 | 04/04/2023 Import-Export
Manufacturing enterprises increase their competitiveness thanks to digital transformation
13:28 | 04/04/2023 Import-Export
32nd Việt Nam Expo promises to boost business linkages
14:19 | 03/04/2023 Import-Export
Prevention of price risks before news that Indonesia increases rice imports in reserve
09:52 | 03/04/2023 Import-Export
Japanese investors highly appreciate Vietnamese property market
17:41 | 02/04/2023 Import-Export
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.
Saigontex 2023 attracts over 1,300 domestic, foreign businesses
14:01 | 06/04/2023 Import-Export
Mong Cai international border gate sees strong recovery
16:15 | 05/04/2023 Import-Export
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Import and export turnover across Cao Bang prospers but still exists difficulties
10:25 | 05/04/2023 Import-Export
Cashew industry strives to "get on the shelves of world supermarkets"
10:24 | 05/04/2023 Import-Export