ASEAN KEY DESTINATIONS
January 8, 2008
The import-export tariffs of 1,741 categories of goods have been readjusted as of January 1, 2008 to comply with the Asean harmonised tariff nomenclature (AHTN) and with the nation's WTO commitments.
The new tariff structure was stipulated under Decision No 106/2007/QD-BTC, recently issued by the Ministry of Finance.
The import taxes levied on over 1,700 categories of goods were reduced by between one and six percentage points. Import sectors included farm produce, fresh fruits, coffee, tea, cooking oil, processed meat, alcohol, beer, cigarettes, and cement among others.
The 1-6 point scaleback were a conservative reduction from previous levels in a bid to prevent disorder in the country's trade. Export tariffs were increased in continued implementation of the country's target to restrict exports of mining resources and unprocessed products.
Particularly, export taxes on titanium surged from 10 per cent to 20 per cent. It increased from 5 to 7 per cent for other processed metals and from 10 to 15 for other unprocessed metals.
By contrast, export taxes on metal scrap edged down from 33 to 30 per cent and tariffs on lead scrap also inched down from 40 to 37 per cent.
According to the finance ministry, the new tax system also matched with the country's commitments to the already-signed free trade area agreements of Asean-China and Asean-South Korea, as well as the other on-the-table agreements of Asean-Japan, Asean-Australia-New Zealand, and Asean-India.