Friday, 28/09/2012 21:16

Prime Minister agrees to reduce coal export tax rate

Prime Minister Nguyen Tan Dung has agreed to reduce the export tax rate on coal from 20% to 10% as proposed by the Ministry of Finance.

The Government Office has just announced the decision. Earlier, the Ministry of Finance and Ministry of Industry and Trade asked the government’s permission to slash coal export tax in order to remove difficulties for enterprises.

The Ministry of Finance said that if the export tax on coal is slashed to 10 percent, the Vietnam Mineral Industry Group (Vinacomin) will be able to export 6.5 million tonnes of coal while the inventory will also decline. The lives of 110,000 mines will not be affected. When the market and the global coal prices recover, the export tax on coal will be increased.

In the January-July period of 2012, Vinacomin sold 21.8 million tonnes of coal (14.6 million tones at home, 7.2 million tones for export,) equivalent to 47.9% of the yearly plan. Inventory as of July 31 was over 9 million tons. The main reason is the reduction of domestic consumption of coal and of the coal export prices.

While many countries in the world like Indonesia and Australia apply coal export tax of zero percent; China, Mongolia, and Russia with 3-10 percent, Vietnam’s rate is 20 percent. If the tax rate is maintained at 20%, Vinacomin will not be able to export coal.

The Ministry of Industry and Trade said that it is necessary to adjust the coal tax to facilitate the coal industry to reinvest and encourage energy efficiency

vietnamnet
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