The Vietnamese government has decided to cut the import tax of gold ingots as part of the country’s commitments for WTO accession, the Vietnam Gold Business Association said Tuesday.
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The Vietnamese government has decided to cut the import tax of gold ingots as part of the country’s commitments for WTO accession, the Vietnam Gold Business Association said Tuesday.
Under Finance Ministry-issued Decision No 39/2006 the import duty of gold ingots will be slashed to 0.5 percent from the current 1 percent.
The decision states that import tariffs on gold grains and other gold raw materials are to remain the same, at 0.5 percent.
The move is an effort to create favorable conditions for developing the local gold market and to reduce gold smuggling, said Dinh Nho Bang, deputy chairman of the association.
The association has also petitioned the government to allow importers to pay Value-added-tax (VAT) after they sell their gemstones and diamonds.
Even though the import duties on gemstones and diamond have been waived, VAT is still 10 percent, and due as the goods enter the country, according to Bang.
He said the value of high-end items that entered the country, which on average took 5 to 7 months to sell, made for steep VAT payments to customs authorities.
In related news, the Ho Chi Minh City-based Southern Commercial Joint Stock Bank (Southern Bank) has obtained the go-ahead from the central bank to import 500 tons of gold raw materials, serving business expansion.
The State Bank of
Domestic gold enterprises have imported over 10 tons of gold over the past few months to stabilize the local market.
(Source: Thanhniennews)
