Finance ministry asked to double gold import tax

The Vietnam Association for Finance Investors (VAFI) has requested the Finance Ministry to increase gold import tax from 10 percent to 20 percent.

According to VAFI, Vietnam imported 43 tonnes of gold worth 1.2 billion USD in the first four month of this year, half as much as the total gold imports in 2007. And the country is projected to have to spend nearly 4 billion USD on importing gold this year.

The increase of gold import tax will help reduce imports and improve the State collection, VAFI said.

The association also asked the Finance Ministry to forbid the new establishment of gold trading floors as most investors just want to speculate.

VNA

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