Vietnam's Finance Ministry has proposed the government lower import taxes on food, foodstuffs, animal feeds and construction materials on Aug. 8 to curb rising commodity prices in the domestic market.
According to the proposal, fresh pork, beef and buffalo meat will have import taxes slashed from 30 percent to 12 percent; milk products from 20 percent to 10 percent; poultry eggs from 20-40 percent to 12-20 percent; vegetable oil from 20-50 percent to 15- 20 percent; manufactured goods for children from 10-40 percent to 7-30 percent; maize from 5 percent to 2 percent; animal feeds from 5-10 percent to 2-5 percent; steel billets from 5 percent to 2 percent; and construction steel from 10-12 percent to 5-10 percent.
The new tax rates will be applied temporarily starting on Wednesday. Vietnam will, in the coming time, apply lower tariffs on automobiles, cosmetics and electronics goods for longer periods of time, however. Completely-built automobiles will have import taxes lowered from 80 percent to 70 percent, and cosmetics from 40 percent to 30 percent.
Source: Xinhua
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