Tariffs may rise on some imports

The Ministry of Finance has proposed raising taxes on imports it does not want to encourage.

Under Circular No.4388/BTC-CST, the items targeted are mainly consumer goods and machinery and equipment mainly for personal use, such as food, clothing, footwear, garments, iron products, steel, fans, washing machines, fax machines, printers, sewing machines, computers, mobile phones and cars.

Finance Deputy Minister Do Hoang Anh Tuan said the move was aimed at meeting Government targets to curb inflation and stabilise the country's economy.

Tuan said that the finance ministry had scrutinised import tariffs and found it could only impose extra tax on goods whose current charges were lower than the ceiling rates allowed by the World Trade Organisation (WTO).

Therefore, Tuan said, the ministry proposed to increase import tax only on items whose tariffs were more than 4 per cent lower than these ceiling rates.

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