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Finance Ministry has just issued Circular No. 58 stipulating specifically favorable importing tax forms of Vietnam in 2010-2012 period. As a result of this, Vietnam will cut down and eliminate about 7,640 tax types in totally 9,222 tax types

2,200 types of tax will be offered special ASEAN-India Free Trade Agreement (AIFTA) rates which are lower than current Most Favored Nation (MFN) rates. Those rates are concentrated to groups of importing products such as plastic, paper, cotton, fiber, clothing, extra garment, weaving products, stone and marble, gypsum, iron or steel, mechanic machines and equipments, power generators and electric appliances, transportation vehicle, and toys.

The tax reduction is in line with commitments on taxing when Vietnam admitted itself to AIFTA. The mentioned circular is effective and applicable to customs declaration sheets of imported goods through customs from and on June 1st.

Reported by Hong Truc – Translated by Vi Bao