Vietnam's import-export tax collection to decrease due to WTO accession
20/11/2006 16:15
Vietnam's import-export tax collection will drop by around 5,000 billion
Vietnamese dong ( nearly US$314.5 million) annually after it officially becomes
a member of the World Trade Organization (WTO), according to local newspaper
Investment today.
Vietnam will lower the average import tax of all tariff
lines from current 17.4 percent to 13.4 percent gradually within 5-7 years upon
the WTO accession. Specifically, over one thirds of all 10,600 tariff lines,
mainly those having tax rates of more than 20 percent, are subject to tax
reduction and removal.
Products slated for biggest tax reductions include
garment, textiles, fishes and related products, wood, paper, some kinds of
manufactured goods, machines, and electrical and electronic equipment.
The
average import tariff levied on farm produces is to decrease from current 23.5
percent to 20.9 percent within five years, and that on industrial products will
be slashed from current 16.8 percent to 12.6 percent within 5-7
years.
However, Vietnam will still remain certain protection on major
products, including farm produces, cement, steel, construction material,
automobile and motorbike. It will also maintain placement of quota tariffs on
the four imports: sugar, poultry egg, tobacco and salt.
Within the quota, the
tariff on poultry eggs currently stands at 40 percent, crude sugar 25 percent,
refined sugar 40-50 percent, tobacco 30 percent, and salt 30 percent. If the
import volume exceeds the quota, the tariff will be higher.
The WTO's General
Council formally approved the accession terms for Vietnam on Nov. 7. The country
will officially become the organization's 150th member 30 days after its top
legislature, the National Assembly, approves the accession document.
xinhua
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