Export tax on coal drops to 10%

(VOV) -In a decision entering into effect on September 1, he Vietnamese Ministry of Finance (MoF) lowered the tax rate on exported coal to 10 percent from its previous 13 percent level.

Under the MoF’s Circular 124/2013/ (dated May 23, 2013), the new tax rate applies to coal products falling under the 27.01 export tariff.

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The Ministry’s latest tax adjustment aims to help local coal producers overcome their ongoing difficulties.

Vietnam Customs reports more than 8 million tonnes of coal were shipped abroad in the past eight months, representing a year-on-year decrease of 3.8 percent.

Le Dang Doanh, a former Director of the Central Institute for Economic Management, raised concerns regarding the lowered tax, noting Vietnam does not normally encourage mineral exports.

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