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Tax readjustment to reduce trade deficit
The Prime Minister has requested the Ministry of Finance (MoF) under the regulation of the Import-Export Tax Law, to readjust import taxes on a number of goods as a tool to reduce trade deficit.
In an official dispatch sent on May 11, the PM also asked the State Bank of Vietnam to deal with the gold import quota so as to maintain domestic market stability and reduce trade deficit.
Recently, the tax policy has been flexibly readjusted to limit the export of raw materials, increase export value and reduce trade deficit. The MoF has raised the tariff rates levied on natural resources such as coal from 10 to 15 percent, crude oil from four to eight percent and crude iron ore from between 7-15 percent to 20 percent. In the meantime, special consumption tax has been considerably increased on imported goods like automobiles and automobile components, electronics and refrigeration equipment.
However, trade has remained imbalanced. According to the General Office of Statistics, import surplus hit more than 11 billion USD in the first four months of the year, equivalent to almost 61 percent of the nation’s first four-month export value.
VNA
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