Export taxes on timber, minerals tipped to rise

A proposal to impose or increase export taxes on different categories of wood and minerals has been announced by the Ministry of Finance.

An export tax of 10 per cent was proposed for exports of rough timber – with or without bark – planks and sapwood, and 5 per cent in the case of some categories of sawn timber, and wood to make plywood of 6mm or less in thickness. These categories are not taxed at present.

The ministry proposes a 30 per cent tax on the export of nickel, aluminium, tin, zinc, uranium, wolfram and silver ores – up from 20 per cent at present – to be in line with the current export tax on gold ore.

Gemstones and semiprecious stones, which are not taxed at present, would be taxed at 10 per cent.

vietnamnews

>   Foreign exhange rate maintains stability (29/10/2012)

>   Businesses want tax reduction, MOF only allows tax payment delay (29/10/2012)

>   Bad debts, inflation threatens Vietnam’s economy (29/10/2012)

>   Bank earnings down year-on-year in Q3 (27/10/2012)

>   Banks’ credit growth is “virtual?” (26/10/2012)

>   Banks struggle for capital in wake of new law (26/10/2012)

>   Banks fail to meet rising demand for dollar (26/10/2012)

>   Central bank resumes note sale, raising big surprise (25/10/2012)

>   Vietnam succeeds in putting brake on bad debt increase (25/10/2012)

>   Banks increase lending rates, tighten requirements (25/10/2012)