Import taxes to be cut

Import taxes will be gradually cut during the next two years to meet the country's commitments to various free trade agreements, according to the Ministry of Finance.

The ministry said it had released four circulars on import tax reduction based on the implementation of the ASEAN-Japan Comprehensive Economic Partnership, the Viet Nam-Japan Economic Partnership Agreement, the ASEAN-Australia-New Zealand Free Trade Agreement and the ASEAN-India Free Trade Agreement. Commitments under the first two agreements will take effect as of April 1 while those of the two latter will take effect on April 30.

Accordingly, a number of garment product and accessory taxes will be cut from the current 13 per cent to 11 and 9 per cent in the next two years. Import taxes on film cameras will be cut from the ... current 5 per cent to 2.5 per cent in 2014 while those on several digital cameras will be exempted. Kitchen appliance, basin and bathtub rates will be cut from 19 to 14 per cent.

Conditions related to such cuts include that goods be transported directly from exporting countries, signed up to the agreements, alongside full certificates of origin.

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