The Ministry of Finance has issued four new circulars on import tax reductions for a number of items.
Two circulars on preferential import tariffs under the ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEF) and the Vietnam-Japan Economic Partnership Agreement (VJEPA) in the 2012-2015 period will take effect on April 1.
Accordingly, a number of goods in almost all fields will enjoy regular tax reductions for the next two to three years.
Taxes on electronic goods will be axed from 5 to 2.5 percent in 2014 and several types of digital cameras will even be free from the import tax.
Household items such as that tubs, basins and kitchen utensils will also enjoy tax cuts from 19 percent in 2012 to 14 percent in 2014.
The remaining circulars on meeting commitments to the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) and ASEAN-India Free Trade Area (AIFTA) in the 2012-2014 period will also take effect as of April 30, 2012.
The Ministry of Finance says in order to be eligible for the new tax rates, commodities must be imported from Free Trade Agreement (FTA) member nations and be transported directly from the exporting country with a valid certificate of origin. Source: VOV