VGP – The Ministry of Finance (MoF) has decided to raise sugar import duty to 15% from July 22, 2013.
Under Circular 79/2013/TT-BTC, import tariffs of maple sugar and maple-oriented syrup will increase from 3% to 10%.
Regarding glucose and glucose syrup, import duties will up from 10% to 15%.
Pure fructose will be subjected to 15% import tariff from the current rate of 3%.
Meanwhile, export duty of man-made honey will be adjusted from 10% to 15%.
The MoF also raised import tariff of flavored sugar from 5% to 15%./.
By Khanh Phuong
(VEN) - The Ministry of Finance (MoF) has recently issued Circular 79/2013/TT-BTC on the adjustments of some preferential import tax rates Code 17.02 in the preferential import tax list. Under the Circular, import tariffs of maple sugar and maple-oriented syrup will increase from three percent to 10 percent. Regarding glucose and glucose syrup, the import duties will raise from 10 percent to 15 percent. Pure fructose will be subjected to 15 percent import tariff from the current rate of three percent (up by 12 percent). Meanwhile, export duty of man-made honey, mixed or unmixed with natural honey will be adjusted…... [read more]
VietNamNet Bridge – The Ministry of Finance (MOF) has decided to raise the petrol import tariff just to please petroleum importers who have reportedly incurred losses because of plummeting oil prices. Global petrol prices have tumbled as a result of the crude oil price decrease, but the price in Vietnam has dropped only to VND19,930 per liter, compared to the petrol price in the US, at VND14,700 per liter. According to Daily Fuel Report, the petrol price in the US has dropped by 28 percent. In late August, MOF stated that the petrol import tariff would be stable at least…... [read more]
Vietnam will nearly triple its import duty on sugar to 40 percent from next year to help protect domestic production as the country forecasts a surplus in 2013, the Finance Ministry said in a statement. The new duty on white sugar is up from 15 percent currently and will come into force from Jan. 1, the ministry said. Vietnam is a small producer on a world scale but output this year has outpaced demand and is expected at between 1.5 million and 1.6 million tonnes for the 2012/2013 season, the statement said. Domestic demand has been stable at 1.3 million…... [read more]
HA NOI (Biz Hub) — The European Commission has decided to lift the import tax for a quota of 400,000 tonnes of refined sugar imported into the European Union during 2013-14, according to the Ministry of Industry and Trade. This would be an opportunity for domestic sugar companies to reduce inventories, which amounted to over 300,000 tonnes, the ministry said. But the ministry also noted that increasing sales in such a large market would be difficult for local sugar firms, which had been exporting small quantities for many years. — VNS... [read more]
VGP - The Ministry of Finance (MoF) has raised gas import tariff to 5% from the current zero percent. As of early June, retail price of cooking gas was VND 340,000 per 12 kg gas tank, down from VND 405,000-VND 416,000 in April./. By Kim Loan... [read more]
On September 18, the Ministry of Finance (MoF) officially applied import duties of 10% on oil and petroleum, replacing for the previous 5% duty. The MoF also decided to adjust the import duties of some commodities related to group 2710 in the preferential import list. Accordingly, oil and petroleum duty are raised from 0% to 5%, which was officially applied on September 5. After two weeks, petroleum and oil import duty was raised by 10%. This rate is applied to leaded gasoline, lead-free gasoline, petroleum for aircrafts, naphtha, reformates, and other material that makes up petroleum. Types of crude oil,…... [read more]
Nguyen Van Phung, Deputy Director of the Tax Policy Department under the Ministry of Finance, affirmed that the ministry does not have any plan to raise the import tax on cars, saying that the currently applied tax rate is reasonable. Phung said that in the medium and long term, the import tax policy will play an important role in protecting local production and creating sources of income for the state budget. In the short term, the policy can help control imports and exports - a way to intervene in the market. On March 11 and April 17, the Ministry of…... [read more]
The Ministry of Finance yesterday responded to falling world crude oil prices by raising the import duty on petroleum products from 10 percent to 15 percent. The duty will be imposed on leaded and unleaded gasoline, solvents and other diluents used in petrol blends, light oil, and other fuels. Ministry officials noted the higher duty was a way to stabilize domestic retail prices when world oil prices were declining. Last month, the ministry reduced petroleum import tariffs from 20 to 10 percent when world crude oil prices exceeded US$60 per barrel. Oil is currently trading at less than US$60 per…... [read more]
The Government has directed the Ministry of Finance to scrutinise automobile and motorbike import duties to help deal with mounting traffic problems. As per the directive, the Ministry of Finance has worked closely with the Ministry of Industry and Trade to recommend measures to minimise city traffic jams. Businesses have suggested the Government's move is likely to either push responsible ministries to raise vehicle import duties or to somehow restrict vehicle registration. Experts believe the Ministry of Finance's decision to lower auto import duties three times this year has helped to increase domestic auto demand. This year the finance ministry…... [read more]
Hanoi, August 25 (VNS/VNA) - Fifteen firms won bids at the Ministry of Industry and Trade’s second auction of sugar import quotas in Hanoi on August 23. Vietnam must import 89,500 tonnes of sugar this year, following its commitment to the World Trade Organisation (WTO). The commitment consists of 44,000 tonnes of raw sugar and 45,500 tonnes of refined sugar. The bidding was organised by the ministry and the National Council of Pilot Sugar Quota Bidding 2017. According to the council, there were 28 bidding applications from businesses that have sugar import demand this year. All…... [read more]