With a view to keeping inflation under control in the second half of the year, the Finance Minister has issued three decisions on reducing the import duty on some key consumer goods such as automobiles, motorbikes, air conditioners, milk and other food products.
With a view to keeping inflation under control in the second half of the year, the Finance Minister has issued three decisions on reducing the import duty on some key consumer goods such as automobiles, motorbikes, air conditioners, milk and other food products.
Decision No. 65/2007/QD-BTC of July 30 amends the preferential import duty rates for used trucks and special-use vehicles of a gross vehicle weight of 20 tons or more and some automotive spare parts.
Decisions No. 69/2007/QD-BTC and 70/2007/QD-BTC of August 3 provisionally adjusts certain preferential import duty rates and apply to customs declarations made beginning August 8.
Under these decisions, incompletely-assembled engines for trucks of between 10 and 20 tons will be subject to an import duty of 10% instead of the previous 20%. Used motor vehicles for cargo transportation of between 20 and 24 tons will be subject to a duty rate of 30% instead of the previous 35%. Some parts and accessories will be subject to duty rates of 10%, 15% and 20%.
Import duty rates applicable to air conditioners, refrigerators, sewing machines and fans are reduced from 40% to 30%; while those of assembled cars and motorbikes are reduced from 80% to 70% and 90% to 80%, respectively.
For fresh and frozen meat, milk and cream, the new import duty rates range between 5 and 15%. For building materials (including steel and steel casts), 2% - 10%.
(Source: VietnamLaw)
