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Finance Ministry cuts taxes on animal-feed
Do Hoang Anh Tuan, deputy minister of finance has just signed a decision to reduce the import tax of some ingredients for animal food production.
The import tax on whey and whey powder has been cut from 10 per cent to 2 per cent, while soybean has been reduced from 2 per cent to zero.
The decision aims to solve some difficulties for farmers following 20 to 50 per cent increases in the price of animal feed ingredients in recent past months.
Viet Nam is now being forced to import many ingredients for animal feed because of a shortage of domestic supplies.
The decision also aims to strengthen the development of animal husbandry in the country.
So far this year nearly 40 domestic feedstock-production enterprises for cattle, pigs, poultry and even fish have temporarily shut down, according to the Ministry of Agriculture and Rural Development’s Animal Husbandry Department.
While, Hoang Kim Giao, director of the department, said growth in animal husbandry was only a weak 0.03 per cent in the first half of the year.
"To reach the annual growth rate of 4-5 per cent in the second half of the year, the industry must grow by at least 8-10 per cent," he added.
Demand for these products is expected to increase to 8 per cent in the next 10 years.
The Ministry of Agriculture and Rural Development has been asking the Government to put animal-food products and ingredients on the list of essential commodities and reduce import tax to zero per cent.
VNS
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