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Ministries urge changes to import, export tariff levels
Ministries, industrial sectors and associations have proposed several changes to a draft on export and import tariffs for next year.
The Price Management Department under the Ministry of Finance said that due to increased world petrol prices, Viet Nam's fuel import tax had been held at 0-5 per cent.
The department added that the proposed fuel import tax rate of 0 to 5 per cent set for the next year would be lower than the 40 per cent rate as required by the World Trade Organisation (WTO) from 2012.
Therefore, it was suggested that next year's rate be calculated based on national commitment to the WTO.
Meanwhile, the Viet Nam Cement Industry Corporation (VINCEM) said that an import tax rate of 15 per cent based on clinker for 2012 would be too low, causing an adverse impact on domestic producers. As a result, the corporation requested a higher tax level be implemented to help revive the local sector.
However, VINCEM also asked that a zero tax rate be applied in promotion of cement exports in order to help reduce existing stockpiles.
The Viet Nam Rubber Association meanwhile requested a higher import tax rate of 20 per cent to replace the proposed 10 per cent rate for automobile tyres coded 4011.62.10, 4011.63.10 and 4011.92.10 as they could be produced by domestic manufacturers.
The Ministry of Culture, Sports and Tourism in turn said that black-and-white film coded 0372.97.10 should enjoy a zero tax rate, due to it being used for archival purposes only, without affecting tax revenues.
As for compact discs and tapes coded 8523, the ministry requested a high tax rate be applied to prevent pirated imports.
Since last month, the Ministry of Finance, having gathered recommendations on its new import/export tariffs draft, said that changes would not significantly impact exports.
The draft has called for import taxes based on more than 1,000 items be cut in accordance with WTO commitment.
Corporate income taxes may decline
The National Assembly's financial and budget committee is to propose cutting corporate income tax to 20 per cent during 2012/2013 from the present 25.
Phung Quoc Hien, committee head, told Sai Gon Tiep Thi ( Sai Gon Marketing) newspaper that the proposed tax rate might be lower than in other regional countries.
Additionally, struggling enterprises would enjoy corporate income tax exemptions as an incentive to attract investment, Hien said, adding that while businesses had faced many challenges due to economic instability, tax revenues were expected to increase against last year.
The Ministry of Planning and Investment has predicted that tax related income would increase by 16.7 per cent to VND612 trillion (US$29.3 billion) year-on-year.
Next year, though the domestic economy would still face certain difficulties, the Government had optimistic budget expectations based on taxes derived from the real estate and mineral mining sectors, Hien said. Curbing smuggling would also contribute to funds, he noted.
vietnamnet, VNS
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